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Bitcoin is below $90K, and RSI shows a pattern that has led to major price drops before. The next key support levels are $84K and $76K, and a break could send Bitcoin even lower. RSI signals weak momentum, and traders now wait to see if Bitcoin follows past patterns. Bitcoin is showing a classic bearish divergence against the Relative Strength Index (RSI) on the weekly chart, a pattern that has historically signaled major market corrections. The last time Bitcoin displayed a similar divergence, price movements led to a prolonged downturn. Currently trading at $88,643, Bitcoin has dropped 7.95% within four days, reinforcing concerns that a deeper correction could be underway. Bitcoin could enter an extended downtrend if history repeats, with further declines ahead. The last time #Bitcoin $BTC showed a bearish divergence against the RSI on the weekly chart, it triggered a bear market! RSI Divergence Signals Potential Weakness There are endless examples on the chart where the price of Bitcoin has taken bigger jumps whereas RSI has not reached the level it did on a previous identical occasion. This divergence is a sort of warning, meaning that the current upward momentum should not be trusted. It can be noted that significant market falls have always followed such movements, as was the case in the past uptrends. The most significant of such a reversal pattern took place in the year 2021, when Bitcoin blasted past the $69000 mark, whereas RSI did not give that signal. That was followed by a brutal bearish market, with Bitcoin going below the $16,000 level towards the end of the year 2022. This scenario was repeated in May 2024, as the RSI reached above 70 despite prices of Bitcoin surpassing $100K. However, as was the case in the previous cycle and this episode, RSI formed a lower peak. If this happens again, there is the possibility of Bitcoin undergoing a more intense retracement in the near term. The RSI has fallen to approximately 50 levels already, indicating that the recent bullish run might have reached a logical breakpoint. Critical Support Levels in Focus The drop of Bitcoin below the considerably lower level right now is critically important to traders. In this regard, the levels that are of great interest and will be watched closely are those tested in the recent high of just below sixty thousand dollars. The very first but still very crucial mark is located slightly below eighty-four thousand dollars, which was previously regarded as a tough ceiling even before Bitcoin moved up. That is, like in the past there are two well-tested bounce zones, but to keep in mind, before the last uptrend took off, the support area has been tested at the level of seventy-six thousand dollars. If these marks are not held and the markets lose momentum in this range, the fall could see the cryptocurrencies plunging even lower to around $60,000. That said, should the price remain above $84,000, a stop gain could take place even over the short term to frustrate the fall. The market will decide in the course of the next few weeks whether it is an ABC move or the new impulsive move upcoming from that correction. Market Sentiment and Outlook Bitcoin’s RSI divergence has traders cautious as historical data shows similar patterns led to market downturns. While some argue that this cycle is different, the technical signals suggest otherwise. A break below key support levels could confirm that Bitcoin is entering another bearish phase, much like it did in 2021. With price action closely mirroring past cycles, traders are preparing for increased volatility. Whether Bitcoin follows previous patterns or defies expectations remains to be seen, but the current technical setup suggests that caution is warranted.

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Uniswap taps Robinhood, MoonPay and Transak for native off-ramps to 'move between crypto and cash'

🐋 JUST IN: Bitfinex whale “Spoofy” bought 4,000 $BTC during yesterday’s dip. In 2022, after the LUNA and FTX crashes, he accumulated 70,000 $BTC at $40K-$16K and later sold between $40K-$70K; in 2024, he acquired 24,000 $BTC, selling from $70K-$108K. Now, with this new buy being 1/6 of his 2024 position, all eyes are on his next move.