An analyst closely monitoring the cryptocurrency markets suggests that Bitcoin (BTC) will soon rise based on a strong indicator. Macro economist and crypto analyst Henrik Zeberg stated on social media platform X that BTC’s weekly Relative Strength Index (RSI) indicates a strong factor behind the cryptocurrency. Investors are closely monitoring the RSI as it can indicate the continuation of the trend. According to Zeberg, BTC’s RSI has entered the bullish zone three times before, and each time it was followed by a rise.
According to Negentropic, the founders of the market data analytics firm Glassnode, BTC and Ethereum (ETH) are still in a strong position despite recent drops in the cryptocurrency markets. Negentropic mentioned that BTC is watching the $42,000 level and also mentioned some altcoins worth watching. These include Solana (SOL), decentralized oracle provider Chainlink (LINK), and collaborative blockchain Cosmos (ATOM).
Negentropic noted that the cryptocurrency market experienced a slight pullback after reaching its highest levels in a few months. However, it stated that BTC and ETH are showing resistance. BTC is targeting $42,000 after a massive 30% increase since October, while ETH is holding strong above $2,000. Popular altcoins include Solana, Cosmos, Sei, Chainlink, and ScapesMania.
Bitcoin is currently trading at $39,493, indicating a roughly 2% increase compared to the previous day.