Bitcoin Relative Strength Index, Lower Bound Rising ... Suggests Potential 'Bullish Reversal'

# Bitcoin Shows Signs of Technical Bullish Reversal Amid Recent Decline New York — Bitcoin prices, recently pressured by macroeconomic headwinds, have shown signs of a potential technical bullish reversal. CoinDesk, citing TradingView charts on January 11th (local time), analyzed that Bitcoin's Relative Strength Index (RSI) is forming higher lows, indicating potential bullish divergence or a positive momentum shift. Bullish divergence occurs when an asset's price declines or remains steady while the RSI's lows trend higher. This phenomenon is a technical indicator suggesting reduced selling pressure and a possible upward price reversal. According to CoinDesk, Bitcoin prices are nearing a significant support level of $73,757, the peak from March 2024, thus presenting an attractive risk-reward profile. This could tempt chart-focused traders to establish long positions. Should these traders act on these signals, the recovery speed of Bitcoin prices may accelerate. As of 9:26 AM New York time on January 11th, Bitcoin was trading at $81,126 on CoinMarketCap, down 1.73% over the past 24 hours. The overnight low (during Asian trading hours) recorded at $76,624. Bitcoin has been undergoing a correction since hitting a new all-time high of $109,114 on January 20th. ▶