- Bitcoin could jump above its year-to-date high despite correcting by $1,500 on Tuesday.
- The upside prediction comes from the cryptocurrency’s 14-week Relative Strength Indicator.
- The technical indicator’s readings are above levels that maintain the market’s overall bullish bias, confirming a moderate buying sentiment.
Bitcoin is most likely to extend its upside momentum above $10,500 despite failing to test the level repeatedly since February 2020.
So hints Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of an asset’s price movements. The widely-followed indicator is now signaling a long-term upside rally above $10,500, Bitcoin’s year-to-date high based on its latest readings.
Notably, RSI identifies an asset’s oversold and overbought conditions based on numerical parameters oscillating between zero to 100. A reading above 70 reflects an overbought asset, while the same below 30 indicates an oversold one. Readings between 30 and 70 show a neutral area.
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