Editor's PiCK
"Bitcoin Forms Bullish RSI Divergence... Need to Pay Attention to CPI Release"
Summary
- Bitcoin has formed a bullish RSI divergence, potentially creating a positive environment for the cryptocurrency market.
- If the CPI figures come in lower than expected, it could have a positive impact on the overall Bitcoin market.
- CPI data will be an important variable in the Fed's interest rate cut decision, and Bitcoin investors should pay attention to new volatility.
Amid the upcoming release of the U.S. February Consumer Price Index (CPI), there are claims that Bitcoin (BTC)'s Relative Strength Index (RSI) is showing positive momentum, potentially creating a favorable environment for the cryptocurrency market.
On the 12th (local time), CoinDesk reported, "Bitcoin's bullish RSI divergence has emerged," adding that "if today's CPI figures come in below expectations, it could have a positive impact on the overall market." A bullish RSI divergence refers to a pattern where despite price declines, the RSI rebounds from a higher position than the previous low.
The media outlet assessed that "the emergence of a bullish RSI divergence indicates that selling pressure on Bitcoin is weakening," suggesting an increased possibility of Bitcoin turning bullish.
QCP Capital stated, "The CPI data will be a crucial variable in determining the Federal Reserve's interest rate cuts," adding that "we should pay attention to whether the CPI data will bring new volatility."
Meanwhile, the U.S. February CPI is scheduled to be released at 9:30 AM (KST). Wall Street has predicted a CPI increase of 2.9% year-over-year.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
