After hitting a low of nearly $76,000 on March 10, Bitcoin (BTC) has finally broken its daily Relative Strength Index (RSI) downtrend, now trading in the high $80,000s at the time of writing. However, crypto analyst Ali Martinez warns that strong resistance may lie ahead.
Bitcoin Finally Breaks Daily RSI Downtrend
In a recent X post, crypto analyst Rekt Capital highlighted that BTC has broken through a multi-month RSI downtrend. The analyst shared a Bitcoin daily chart, showing how the leading cryptocurrency’s RSI has broken free from a prolonged downtrend that began at the start of the year.
For the uninitiated, the RSI is a momentum indicator that suggests when the underlying asset – in this case, BTC – may be overbought or oversold. A rising RSI after sustained downtrend can indicate growing bullish momentum and a possible trend reversal.
Fellow crypto analyst Merlijn The Trader echoed Rekt Capital’s analysis, stating that the RSI breakout confirms bullish momentum and could pave the way for a significant price rally.
Another key indicator turned bullish this week – the Bitcoin Hash Ribbons. In an X post, crypto analyst Robert Mercer noted:
One of the most accurate mid-term indicator is bullish now. Expecting BTC to go back above $100,000 in Q2 of 2025!
To explain, the Hash Ribbons indicator turning bullish signals that Bitcoin miners – after a period of capitulation – are returning to the network, suggesting mining recovery and reduced selling pressure. This often marks a strong buy signal, and has historically aligned with the end of bear markets and the start of new uptrends.
Analyst Warns Of Stiff Resistance Ahead
Despite BTC’s more than 15% surge from its March 10 low, seasoned analyst Ali Martinez cautions that the top digital asset is likely to encounter strong resistance around the $89,000 level. Martinez explained:
Bitcoin $BTC faces a key resistance cluster at $89,000, where the 50-day moving average and the descending trendline from the all-time high converge.
That said, several positive macroeconomic factors could support BTC’s bullish momentum. In a recent analysis, crypto analyst The M2 Guy emphasized that the expanding M2 money supply is likely to benefit risk-on assets like BTC.
However, other cryptocurrency analysts – such as Maartunn – argued that BTC must decisively clear the $87,000 price level to have a shot at sustained upward price movement. At press time, BTC trades at $87,674, down 0.7% in the past 24 hours.
