Bitcoin (BTC) remains under pressure as macroeconomic uncertainty continues to weigh on its price action. After making a strong bounce from the local bottom near $75,000 on April 7 and 9, analysts are beginning to question whether BTC could be gearing up for a reversal of the downward trend that’s persisted since the start of the year.BTC/USD 1-day, RSI 1-week. Source: Marie Poteriaieva, TradingView
For some, like the veteran trader Peter Brandt, this trendline is nothing but hopium. As he noted in his X post,
“Of all chart construction, trendlines are the LEAST significant. A trendline violation does NOT signify a transition of the BTC trend. Sorry.”
Others, however, see more reason for cautious optimism. Analyst Kevin Svenson highlighted a possible weekly RSI breakout, pointing out that “Once confirmed, weekly RSI breakout signals have proven to be among