Bitcoin Is Printing a Hidden Bullish Divergence on the Weekly Time Frame, Selling Pressure to Ease
- Bitcoin is printing a hidden bullish divergence on the weekly time frame.
- This is expected to lead to easing selling pressure.
- The price of BTC is expected to pump following a drop in sell-offs.
The price of the pioneer crypto asset, Bitcoin (BTC), continues to trade in the $80,000 price range, after a continuous fall from its 6-digit prices. At the moment, the price of BTC is trading in the higher $80,000 price range, which has reignited some bullish sentiment. With BTC trading at $87,000, one analyst notices that Bitcoin is printing a hidden bullish divergence on the weekly time frame, hinting at easing selling pressure.
Bitcoin Is Printing a Hidden Bullish Divergence
Ever since BTC went on to set its current ATH price record in the $126,000 price range last month, the price of BTC has been steadily declining at a rapidly increasing pace. This continued price decline has proved to many that the bear market has begun, an opinion that most traders and analysts believe to be true. This, in turn, has fueled major FUD sentiments, leading to greater price fall expectations for BTC.
In detail, most analysts believe that the price of Bitcoin will fall heavily to the $50,000 – $60,000 price range. On the contrary, only a handful of seasoned analysts believe that the bull market and run cannot be over yet, especially as altseason has not yet played out. According to these analyses, the price of BTC is in a final reset phase where liquidity is being repositioned, before a heavy wave can uplift prices.
In detail, this hopefully bullish take suggests that Bitcoin will surge up to hit one more new ATH price before relinquishing dominance to altcoins and finally triggering the long-awaited and highly anticipated altseason this cycle. At the moment, most analysts are looking for highly bullish signals on price charts and cross-checking them with external factors. Most of these indicators point to a bullish price surge for BTC.
Selling Pressure to Ease
To highlight, one reputed analyst in particular has been adamant that the bull market has not concluded. He believes that an exception bull run will lead to a final rally for the pioneer altcoin asset, which will only improve the state of altcoins and their ability to hit new ATH prices this bull cycle. Recently, the analyst shared what he believes to be a highly bullish signal for a BTC pump.
As we can see from the post above, Bitcoin is currently printing a hidden bullish divergence on the weekly timeframe. This could indicate that selling pressure will ease, momentum will bottom, and that the weekly RSI is likely to reverse soon, which will lead to the BTC price rising as well. He concludes by saying that if this hidden bullish divergence confirms, the next leg is usually a strong continuation rally.
