Bitcoin Nears Major Bullish Reversal as Weekly RSI Approaches Breakout, Says Analyst Kevin Svenson​

Bitcoin (BTC) is on the cusp of confirming a significant bullish reversal, according to crypto analyst Kevin Svenson. He highlights that the cryptocurrency's weekly Relative Strength Index (RSI) is nearing a breakout from a long-standing downtrend, a move that could signal a strong upward momentum in the market.​

Svenson notes that BTC's weekly RSI is in the early stages of breaking through a diagonal resistance line that has maintained a bearish market sentiment since January. For this breakout to be confirmed, Bitcoin must remain above the downtrend line for the remainder of the week. He emphasizes that once this breakout is confirmed, it could signal one of the most reliable macro breakout indicators, potentially marking the start of a strong rally for Bitcoin. ​X (formerly Twitter)+6AInvest+6The Daily Hodl+6

At the time of writing, Bitcoin is trading around $85,630, while Ethereum is hovering around $1,631. Technical data indicates that current price levels are critical thresholds. Daily price charts show signs of the downtrend breaking, with investors cautiously optimistic as they monitor developments. ​The Daily Hodl+2Bitget+2COINTURK NEWS+2COINTURK NEWS+1Bitget+1

Svenson also points out that Ethereum plays a decisive role in the cryptocurrency market alongside Bitcoin's technical breakouts. He notes that if Ethereum executes an upward move, it could herald the start of an altcoin season. According to this perspective, a robust rally led by Ethereum could heighten the overall market's risk appetite and redirect investors' focus toward altcoins. ​Bitget+1COINTURK NEWS+1The Daily Hodl+3COINTURK NEWS+3Bitget+3

As the cryptocurrency community awaits the confirmation of this breakout, traders and investors will be closely monitoring Bitcoin's price movements and the weekly RSI indicator. A confirmed breakout could potentially drive BTC back toward its all-time high near $90,000.