However, in this bull cycle, the pioneer cryptocurrency’s RSI reading has failed to reach historical peaks despite Bitcoin reaching new all-time highs. Related Reading: Bitcoin Price Risks Further Crash As S&P Monthly LMACD Turns Bearish, Why Bulls Have Only 20 Days Tony Severino, a crypto market technician on X (formerly Twitter), has Bitcoin Price Risks Further Crash As S&P Monthly LMACD Turns Bearish, Why Bulls Have Only 20 Days a detailed analysis of Bitcoin, challenging the assumption that the cryptocurrency must reach the same overbought RSI levels as in previous cycles to confirm its market peak.
Following his detailed analysis of Bitcoin’s RSI levels, a community member asked if Severino believes that Bitcoin reached a market top when its price surged above $109,000. Related Reading: This Analyst Predicted The Bitcoin Price Crash From $91,000, Why It’s Far From Over The analyst responded positively, stating that current market data indicates that the cryptocurrency hit its highest price point for this bull cycle after Donald Trump’s US Inauguration Day.
This market downturn ultimately led to the first lower low in over 20 years. While this historical behavior of the S&P 500 does not mean that Bitcoin is destined for a lower high, it does suggest that the cryptocurrency does not need to reach extreme RSI levels to confirm a cycle top and a subsequent bear market. Analyst Says BTC Has Hit Its Market Top In his analysis Severino confirmed that Bitcoin has already hit its market top for this bull cycle.
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