RATE Group | Bitcoin Price RSI Breakout Could Target $9K Short-Term
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Bitcoin Price RSI Breakout Could Target $9K Short-Term

06 Jan Bitcoin Price RSI Breakout Could Target $9K Short-Term

Posted at 17:09h in Bitcoin News by

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Bitcoin price has been trapped within a powerful downtrend that’s cut the leading cryptocurrency by market cap’s value by nearly 50% over the course of the last few months.

Coinciding with the downtrend, Bitcoin’s Relative Strength Index has been confined below a decreasing trendline that the cryptocurrency has now broken out of, suggesting that a rally could unfold in the days ahead. And according to one crypto trader, if Bitcoin can break out of the current trading range, a retest of $9,000 may be possible.

Bitcoin Price Breaks Out On Relative Strength Index, Targeting $9K

2019 may be in the history books, but the effects of the year’s parabolic rally in Bitcoin will be felt for more time to come, as the price of the first-ever cryptocurrency has yet to break out from its recent downtrend.

Related Reading | The Most Lucrative Signal in Bitcoin History Just Flipped Buy 

However, according to an important trend-measuring indicator called the Relative Strength Index, Bitcoin…

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