Bitcoin (BTC) Strength Soars to 40%: 10x Research Unveils Future Crypto Strategies

• Bitcoin’s Relative Strength Index (RSI) has jumped to 40%, according to crypto research platform 10x Research. This could indicate potential rallies for the flagship cryptocurrency.
• Despite a possible “line in the sand” at the $62,000 mark, Bitcoin has already broken above this level, suggesting a continued bullish sentiment.
• However, 10x Research suggests that Bitcoin would need a catalyst for a sustained rally, with the research firm’s trend model currently indicating a downtrend.

Bitcoin’s RSI jumps to 40%, hinting at potential rallies. However, a sustained rally may require a catalyst, according to 10x Research.

Bitcoin’s Potential Rally

10x Research’s newsletter, “Fake Dip?”, highlights that Bitcoin has historically seen potential rallies when its RSI drops to 40%. This suggests that Bitcoin could rally following its recent decline. However, a “line in the sand” at the $62,000 mark could prevent this rally. Despite this, Bitcoin has already surpassed this level, indicating continued bullish sentiment.

Need for a Catalyst

The research platform suggests that Bitcoin would need a catalyst for a sustained rally. They point to four bullish events that have previously triggered a parabolic run for Bitcoin after breaking a vital support level. These include Treasury Secretary Janet Yellen’s bid for uncapped deposit insurance, BlackRock’s application for a Spot Bitcoin ETF, Franklin Templeton’s similar filing, and when US Core PCE dropped below 3.0%. Andrey Stoychev, Head of Prime Brokerage at Nexo, shares this sentiment, stating that w... Read the full article for FREE at COINOTAG!