Bitcoin forms short-term bottom, $100K relief rally in sight: Analyst
Bitcoin may be forming a local bottom as RSI nears oversold and whales open longs, fueling a possible relief rally toward the $100,000–$110,000 zone.
Bitcoin may be carving out a short-term bottom after weeks of heavy selling, with one market analyst arguing that conditions are in place for a relief rally toward the $100,000–$110,000 range.
In a recent video, trader Mister Crypto said Bitcoin (BTC)’s short-term structure shows signs of stabilization following what he described as “capitulation” across the market. He claimed that indicators tied to trader behavior suggest that large players have begun opening new long positions despite the sentiment plunging into extreme fear territory, a mix that has historically preceded bounces during downturns.
One of the main technical signals cited is the Bitcoin Relative Strength Index (RSI) on the weekly chart, which is approaching the 30 level. “We have bottomed out for Bitcoin right here. We have been reaching the 30 level. Boom,” he said.
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