BTC likely to retest $87.5K, analyst says

Bitcoin (BTC) will likely retest its yearly opening price of $87,500, according to Keith Alan, co-founder of crypto market data platform Material Indicators, Cointelegraph reported. Alan explained that while attempts are being made to defend the $92,000 support level, large-scale investors are looking to test lower support. He added that despite the possibility of a golden cross on the daily chart, short signals are prevailing on medium and long-term timeframes. The report noted that for a genuine rebound to occur, the weekly Relative Strength Index (RSI) would need to surpass 41/100, and the weekly closing price would need to be above the 50-week moving average of $101,500.