Bitcoin: This indicator confirms the upcoming bull market?
Bitcoin could have started a new bull run, despite a month of October in the red and the record hack of Binance. A technical indicator followed by analyst PlanB has been sending a bullish signal for three months. What…
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https://cryptoast.fr/bitcoin-indicator-rsi-bull-market-hack-binance/
Bitcoin could already have entered a new bull run, despite the turbulence of recent weeks. This is particularly what suggests a technical indicator followed by analyst PlanB, who remains favorable to an upward recovery for three months.
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BTC, however, ended October down 7.3%, around $77,430. A poor performance which therefore dashed the hopes of an “Uptober”, the nickname given to this month historically favorable to cryptocurrencies.
In a message published on Sunday on X, PlanB, known for its Stock-to-Flow valuation model, however draws attention to another signal.
No Uptober unfortunately, But RSI is above 50 for the 3rd month in a row, Signaling the birth of a new bull market. pic.twitter.com/IOmLqFUEdD
The Relative Strength Index (RSI) measures the strength of price movements on a scale of 0 to 100. Typically used to spot overbought or oversold situations, it also helps assess market trend.
Over a monthly period, an RSI above 50 reflects a rather bullish dynamic. Maintaining it above this threshold for three months therefore constitutes, in the eyes of PlanB, an encouraging sign for the rest of the cycle.
However, this signal does not guarantee a lasting increase. It can also appear during temporary rebounds, without leading to a real bull market.
Another encouraging element is the fact that Bitcoin has started to recover after the record Binance hack, which occurred on Thursday October 29. The attack, estimated at $6.3 billion, had caused its price to fall by around 3%, below $77,000, with a low point near $76,200.
On the same subject – Binance hack: a theft equivalent to 19% of North Korean GDP
BTC was moving again around $78,000 this Monday morning. The shock therefore did not cause a prolonged collapse, even if the consequences of the attack remain significant.
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