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Rekt

<p>Bitcoin closed the week on a strong note, hovering just above the $85,000 mark as traders grow increasingly optimistic about a potential trend reversal. </p> 
<p>The leading cryptocurrency climbed 1.5% on March 23, outperforming much of the broader market and pulling several major altcoins along with it.</p> 
<p>Market data from Cointelegraph Markets Pro and TradingView revealed a surge in weekend activity, with Bitcoin gaining traction ahead of the monthly close. Many analysts are now eyeing a shift in market sentiment, sparked by key technical indicators.</p> 
<h3 class="wp-block-heading" id="h-rsi-signals-renewed-strength">RSI Signals Renewed Strength</h3> 
<p>Technical analysts have pointed to Bitcoin’s relative strength index (RSI) as a key indicator supporting the bullish narrative. Popular analyst Rekt Capital highlighted that the daily RSI appears to be flipping a long-standing downtrend line—dating back to November 2024—into new support. This move is often interpreted as an early signal of a sustained upward trend.</p> 
<p>Fellow trader Matthew Hyland added further fuel to the optimism, noting that Bitcoin is on the verge of forming a weekly bullish RSI divergence for the first time since September. Such divergences are typically seen as early signs of significant upward price movements.</p> 
<h3 class="wp-block-heading" id="h-futures-close-adds-to-bullish-case">Futures Close Adds to Bullish Case</h3> 
<p>Trader Daan Crypto Trades pointed to the position of CME Group’s Bitcoin futures closing as another factor worth watching. In a weekend post, he suggested that the coming week could prove pivotal in determining Bitcoin’s direction over higher timeframes.</p> 
<p>“The next week will be telling,” he remarked, as momentum builds toward the end-of-month candle close.</p> 
<h3 class="wp-block-heading" id="h-long-term-bull-market-intact-say-analysts">Long-Term Bull Market Intact, Say Analysts</h3> 
<p>Despite recent market volatility, not all experts are convinced a major correction is underway. Analysts at Stockmoney Lizards took a broader view, emphasizing that the long-term uptrend remains unbroken. According to their assessment, the local bottom likely occurred around $76,000 earlier this month—a level that has since been retested.</p> 
<p>“Many are panicking and calling for a bear market, but the long-term trend channel is still firmly intact,” the group wrote. “This correction doesn’t invalidate the uptrend—it confirms it.”</p> 
<p>While they acknowledged that an immediate price rally might not materialize, they remain confident that the current correction is part of a broader consolidation phase.</p> 
<p>“Historical patterns suggest we are entering a bottoming zone,” they noted. “How long will it last? No one can say for sure, but a reasonable estimate would be a couple of weeks—depending on macroeconomic conditions and news events.”</p> 
<p>As Bitcoin enters a crucial phase ahead of the monthly close, traders and analysts alike are keeping a close watch on technical signals and market behavior. If momentum continues to build, Bitcoin could be poised for a renewed leg upward, with prices already at $87,167.</p>  
<p>The post <a href="https://www.unlock-bc.com/139499/bitcoin-hovers-above-85k-as-analysts-eye-bullish-breakout/">Bitcoin Hovers Above $85K as Analysts Eye Bullish Breakout</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.</p>

Bitcoin Hovers Above $85K as Analysts Eye Bullish Breakout

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