bullish

Bitcoin

<a href="https://bitcoinworld.co.in/trader-warns-bitcoin-fading-bullish-momentum/" title="Trader Warns of Fading Bitcoin Bullish Momentum as RSI Drops Below Key Levels" rel="noopener noreferrer nofollow"></a>
Trader Warns of Fading Bitcoin fading bullish momentum RSI has become a point of concern for <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://twitter.com/cj900x&amp;ved=2ahUKEwjC_piF9q2IAxUj5DkIHUFoJ0EQFnoECBQQAQ&amp;usg=AOvVaw26KMBc1BTT7v9ZkMe8l2as" rel="noopener noreferrer nofollow" target="_blank">cryptocurrency trader CJ (@CJ900X)</a>, who recently shared his analysis on X with his 84,000 followers. CJ’s focus is on Bitcoin’s monthly relative strength index (RSI), a key indicator used to assess momentum in the market. According to CJ, Bitcoin’s RSI has dropped to 58.34, signaling a potential shift away from the bullish momentum seen earlier in the year.
<img decoding="async" class="size-medium wp-image-81465 aligncenter" src="http://bitcoinworld.co.in/wp-content/uploads/c1fc2c09bc981b05365f815ca1a07e59-163x300.png" alt="Trader Warns" width="163" height="300" srcset="https://bitcoinworld.co.in/wp-content/uploads/c1fc2c09bc981b05365f815ca1a07e59-163x300.png 163w, https://bitcoinworld.co.in/wp-content/uploads/c1fc2c09bc981b05365f815ca1a07e59-272x500.png 272w, https://bitcoinworld.co.in/wp-content/uploads/c1fc2c09bc981b05365f815ca1a07e59-327x600.png 327w, https://bitcoinworld.co.in/wp-content/uploads/c1fc2c09bc981b05365f815ca1a07e59.png 490w" sizes="(max-width: 163px) 100vw, 163px">
<h3 id="key-insights-from-cj-s-analysis">Key Insights from CJ’s Analysis</h3>
<ul>
 <li>RSI in Bull Markets: CJ explained that during bull markets, Bitcoin’s RSI typically stays above 70, which indicates strong momentum. A drop below this level often signals a weakening trend, with 40 being a key support level during bear markets.</li>
 <li>RSI Drop to 58.34: In the current market cycle, Bitcoin’s RSI briefly entered overbought territory but has since declined to 58.34. This decline indicates a potential loss of momentum and could signal the end of the current bullish run.</li>
 <li>Decreasing RSI Highs Across Cycles: CJ also pointed out that RSI highs have progressively decreased across the last three major market cycles (2017, 2021, and 2024). This trend suggests waning bullish momentum over time, raising concerns about Bitcoin’s ability to sustain its upward trajectory.</li>
</ul>
<h3 id="cautious-optimism-with-potential-downside-risks">Cautious Optimism with Potential Downside Risks</h3>
While CJ remains cautiously optimistic about Bitcoin’s long-term outlook, he advises traders to prepare for potential downside risks. With the RSI trending lower, there is a possibility that Bitcoin could face increased selling pressure, especially if the market does not regain its previous momentum.
<h3 id="conclusion">Conclusion</h3>
The Bitcoin fading bullish momentum RSI analysis from trader CJ highlights a potential turning point for Bitcoin’s current bull cycle. With the RSI dropping below 70 to 58.34, traders are advised to remain cautious and prepare for possible downside risks. As momentum appears to be weakening, the next few weeks will be critical in determining whether Bitcoin can regain its bullish trend or face further corrections.
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Trader Warns of Fading Bitcoin Bullish Momentum as RSI Drops Below Key Levels

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