Bitcoin rally to $86K shows investor confidence, but it’s too early to confirm a trend reversal
Bitcoin’s rebound ignited trend reversal hopes—but to gain traction, BTC needs a boost in liquidity and trading volumes.
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.
For some, like the veteran trader Peter Brandt, this trendline is nothing but hopium. As he noted in his X post,
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 the most reliable macro breakout indicators.”
