Analysts see signs of BTC bottom, potential bull market ahead

On-chain indicators suggest that BTC may have bottomed out, with a bull market potentially on the horizon, according to several analysts cited by Cointelegraph. Crypto trader Jelle noted that on the three-day chart, the BTC Relative Strength Index (RSI) has surpassed 50 for the first time since early October of last year, while the Moving Average Convergence Divergence (MACD) is showing a buy signal. Jelle believes this combination indicates that BTC has reached its bottom. Additionally, analyst Isiah suggested that if BTC were to break through its 50-week Simple Moving Average (SMA) of $101,000, it would be an unusual event, assuming the market is currently in a downtrend. Meanwhile, trader Daan Crypto Trades observed that the bull market support band, which consists of two moving averages, is currently acting as resistance. The trader stated that BTC is likely to retest this band soon and that a breakout above its upper boundary will determine the market's direction for the next several months.