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Analysis: BTC formed a bullish RSI divergence just before the release of the U.S. CPI.
PANews March 12th news, according to CoinDesk, a Technical Analysis pattern suggesting a Bull Market reversal has appeared on the BTC daily candlestick chart, as market participants expect US inflation data on Wednesday to provide support for risk assets. Due to various factors, including Wall Street's risk aversion sentiment, concerns about Trump's tariffs, and fears of a US economic recession, BTC has recently suffered heavy losses, falling from $100,000 last month to below $80,000 this week. In addition, the lack of new BTC purchases under Trump's strategic reserve plan has also been disappointing, exacerbating the downward trend. However, when the price fell to a several-month low below $80,000 on Tuesday, the Relative Strength Index (RSI) did not confirm this fall. The indicator formed a higher low, contradicting the lower low on the price chart, confirming the so-called bullish RSI divergence. This indicates that although the price is falling, the selling pressure is weakening, which may signal an imminent reversal to the bull market. This pattern appears at a very interesting moment, as the expected release of the U.S. CPI for February tonight; the bullish RSI divergence for BTC implies that the market is ready to react positively to potential moderate data.