The post BTC surges as RSI confirms a bullish trend appeared on BitcoinEthereumNews.com.

BTC has surged by 4.16% over the past week, with fundamentals indicating positive sentiments. Despite the lows, RSI confirms a bullish trend with a bullish RSI divergence. Bitcoin [BTC] has experienced a strong upward momentum throughout the month. Historically, September is associated with a bearish trend. However, this month has seen a dramatic shift with BTC making higher lows. In fact, as of this writing, Bitcoin was trading at $65,530. This marked a 10.52% increase on monthly charts with the extension of the uptrend by a 4.16% surge over the past week. However, the last 24 hours have seen a minor correction with Bitcoin declining by 0.46%. Therefore, the current market conditions have left analysts talking over Bitcoin’s trajectory. One of them is the popular crypto analyst Caleb Franzen who suggested that a bullish trend is set to continue citing bullish RSI divergence. What market sentiment says In his analysis, Franzen Cited bullish RSI  divergence to argue that, the bulls are dominating the market. Source: X According to the analyst, RSI has not formed a bearish RSI divergence on daily charts. However, the RSI is continuing to confirm the bullish trend off the lows. Therefore, it has been confirming the bullish RSI divergence. In context, the fact that there is no bearish divergence implies that the price increase is supported by momentum and there’s no significant sign of a reversal at this time. When a bearish RSI divergence occurs, it indicates a weakening upward momentum and could suggest that a price correction is imminent. Thus, although BTC might have made lower lows recently, the RSI is making higher lows indicating that momentum is building despite lower prices. Usually, a bullish RSI divergence suggests that selling pressure is weakening and buying interest is growing leading to a further upside. What BTC charts…

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Filed under: News - @ September 29, 2024 5:05 pm