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Bitcoin weekly rare bullish divergence reappears, analysts focus on $90k target level

MarsBitNews
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Crypto Mars News: On June 8th, Bitcoin's weekly chart showed the second-ever bullish divergence signal in history, sparking market expectations of a new upward trend. Analysts believe that if history repeats itself, Bitcoin could challenge the $90k region. Data shows that Bitcoin's weekly RSI indicator has rebounded above 34 after falling below the oversold level, while the price has dropped from $75.8k to about $63k during the same period. The price continues to make new lows, but the momentum indicator forms higher lows, forming a classic bullish divergence, indicating selling pressure is weakening. The last similar signal appeared after the 2022 FTX collapse, when Bitcoin started rising from about $15.5k and eventually reached around $126.2k, a gain of over 700%. Technically, analysts believe the first major target for Bitcoin is near the 50-week moving average, approximately $91.8k. Meanwhile, Bitcoin is still trading near the 200-week moving average of about $62k, a level that has repeatedly formed important bottom zones during the 2015, 2018, and 2020 bear markets. Crypto analyst Michael van de Poppe states that the 200-week moving average is an ideal long-term positioning area, but bulls need to first break through the resistance zone of $64k to $65k. If successful, Bitcoin could further rise to $71.5k to $73k and ultimately fill the CME gap near $79k, with the next major resistance zone above $90k. However, downside risks still exist. Reports indicate that Bitcoin is currently in a weekly bear flag breakdown phase; if this pattern continues, BTC's theoretical target could fall below $50k. Analysts believe that only by reclaiming support along the bear flag can the market effectively mitigate further downside risks.
BTC1.88%
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