Bitcoin [BTC] has been on a steady incline this month, contrary to the usual bearish trends associated with September. Remarkably, BTC has been establishing higher lows, indicating strong upward momentum.
Presently, Bitcoin is trading at $65,530, showcasing a 10.52% monthly increase and further extending the uptrend with a 4.16% surge over the past week.
While a slight 0.46% correction occurred in the last 24 hours, overall market conditions have analysts optimistic about Bitcoin’s future trajectory. Caleb Franzen, a well-known crypto analyst, highlighted the bullish RSI divergence as a sign that the bullish trend is likely to persist.
Market Sentiment Analysis
Franzen’s assessment emphasizes the dominance of bulls in the market, supported by the absence of bearish RSI divergence on daily charts. The RSI continues to validate the upward trend, reinforcing the bullish sentiment.
When a bearish RSI divergence emerges, it hints at a potential weakening of upward momentum and a looming price correction. However, with the current higher lows in RSI signaling momentum build-up, the market appears poised for further upside potential.
Bitcoin Chart Insights
Observations indicate favorable market conditions for Bitcoin’s upward trajectory, setting the stage for potential price gains. Market indicators like the declining Exchange whale ratio and the rising Net Unrealized Profit/Loss (NUPL) suggest a positive market sentiment.
Furthermore, the sustained positive DyDx exchange funding rate points towards a preference for long positions as traders anticipate price appreciation.
In conclusion, Bitcoin’s bullish momentum, reinforced by market indicators and analyst predictions, indicates a favorable outlook with the potential for reclaiming the $66500 resistance level in the near future.