Bitcoin weekly chart forms 'RSI bearish divergence', the last occurrence opened up a significant pullback in BTC

The price of bitcoin almost lost $100,000 this week, and the market debated whether it could reach the $150,000 target by the end of the year. This article collates the current analysts’ views on the bullish and bearish factors. (Synopsis: Metaplanet launches Asia’s largest bitcoin equity financing: target to buy $5.4 billion BTC has 1% supply) (Background supplement: BTC stock speculation God of War" Metaplanet jumped 1017% to become the best performing Japanese stock in 2024, can set off a wave of corporate bitcoin snapping? Bitcoin’s recent surge to an all-time high of $112,000 has reignited hopes of reaching a $150,000 target by the end of the year, but a rapid pullback that nearly missed the $100,000 mark this week is testing investor optimism. At the moment of writing, bitcoin is now trading at $105,420, and the rally that began on Friday has reached the pressure level, and whether it can hold this level or whether there is a second downward test will be the focus of observation next week. According to a recent report by Bitget News, Bitcoin’s 50-day moving average crosses above the 200-day moving average to form a “golden cross”, which is a typical bullish signal. At the same time, the regulatory environment for stablecoin-related regulations has gradually become clearer, which will also help to enhance institutional confidence. In terms of on-chain data, Bitcoin researcher Axel Adler Jr. pointed out that if the NUPL/MVRV ratio can be broken and maintained above 1.0, it may signal the start of a new bull market. According to Cointelegraph analysis, Bitcoin on the daily chart shows an inverted head and shoulders pattern, the neckline is around $100,800 to form support, once broken, may test to $91,000, this price is close to the 200-day exponential moving average (EMA). It is also worth noting that the price diverged from the RSI on the weekly Bitcoin chart (the higher the price, the lower the RSI data), which is similar to the top of the 2021 cycle, when the price reached a new high, the RSI went lower, and then the market experienced a significant correction. At present, the market generally believes that if bitcoin effectively breaks through the pressure zone of $112,000 to $115,000, it will be the key to trigger the end of the year to stand at $150,000. However, investors still need to be aware of potential risks such as market volatility, regulatory uncertainty and macroeconomic emergencies. Related reports Can buying newly listed crypto companies increase 10 times? A paradigm shift for altcoins? Fruit shell article" Japan’s Metaplanet buys Bitcoin! Analysis of the key reasons for the acquisition of BTC by the “Asian version of MSTR” “Bitcoin weekly line formed an “RSI bearish divergence”, the last time there was a sharp pullback in BTC” This article was first published in BlockTempo’s “Dynamic Trend - The Most Influential Blockchain News Media”.