Bitcoin Just Days Away From Confirming Major Bullish Breakout, Says Crypto Analyst
Crypto analyst Kevin Svenson says that weekly Relative Strength Index (RSI) a widely used momentum indicator is on the brink of breaking through a long-standing resistance trendline dating back to January.
Bitcoin | Weekly RSI Breakouts: Once confirmed, weekly RSI breakout signals have proven to be among the most reliable macro breakout indicators. Five days until full confirmation, Svenson wrote in an April 14 post.
A breakout above the RSI downtrend on the weekly timeframe would mark a strong shift in momentum, historically correlating with significant BTC rallies. Svensons chart shows similar RSI breakouts in early 2023 and late 2023 that preceded sharp price increases.
#BITCOIN | Weekly RSI Breakouts
Once confirmed, weekly RSI breakout signals have proven to be among the most reliable macro breakout indicators.
6 Days until full confirmation pic.twitter.com/90Kf7hA7KT
Kevin Svenson (@KevinSvenson_) April 14, 2025
Daily Chart Already Signals Strength
While the weekly breakout is still a few days from confirmation, Svenson adds that BTC has already broken out on the daily timeframe, providing a leading indicator of bullish strength.
Bitcoin attempting to break out, he noted, referencing the daily charts recent break above its descending resistance.
Why RSIRelative Strenght Index
" >RSI Breakouts Matter
Relative Strenght Index
The Relative Strength Index (RSI) measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the market. A breakout above a long-term RSI trendline can suggest that bearish momentum has waned and that a major reversal may be underway.
If Bitcoins RSI confirms the breakout by the weekly candle close, many traders will likely interpret it as a green light for renewed upside momentum potentially driving BTC back toward its all-time high near $90,000.
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Text source: Coindoo
