Bitcoin Rises 7% From Lowest Point, Prints Rare RSI Signal!

Bitcoin (BTC) prices rose again (photo: dock. pexels)

JAKARTA Bitcoin (BTC) prices rose again after falling close to US$90,000, with open futures CME gaps having a significant impact on BTC price movements.

Data from Cointelegraph Markets Pro and TradingView show that BTC/USD jumped past 97,000, recording an increase of nearly 6.7% from its lowest point at 91,530 US dollars that occurred following the weekly trade opening.

The increase comes amid market turmoil after the United States announced import rates against Canada and Mexico, where President Donald Trump plans to expand it to the European Union.

Meanwhile, altcoins were hit more severely, with many crypto assets in the top 20 market cap dropping to 20% or more.

"As long as Bitcoin's annual support level persists, BTC still looks better than any other market," said analyst and trader Johnny on platform X.

Rekt Capital analysts also note that the drop in BTC prices creates a new loophole in the futures Bitcoin CME Group trading above $98,000. Historically, this kind of loophole often acts as a "price magnet", which is usually filled in days or even hours after the market opens.

"A volatile retest is ongoing," he continued while analyzing BTC/USD monthly charts. "Bitcoin has time throughout February to close above 96,600 US dollars to confirm the retest as a success."

The increase in the price of Bitcoin was not followed by the US stock market. At the time of writing, the S&P 500 index fell 1.75%, while the Nasdaq Composite Index weakened 2.25%.

According to a report by trading firm QCP Capital, a massive sell-off in the crypto market came before the US market opened, with nearly $2 billion liquidation, where Ethereum (ETH) was more impacted than Bitcoin.

"This movement is caused more by cross-asset portfolio rebalancing than incidents in one particular asset," explained QCP Capital in its Telegram bulletin.

RSI Bitcoin Signals Trend Reversal

Amid market volatility, the Relative Strength Index (RSI) indicator on a 4-hour graph shows a rare signal, indicating a potential Bitcoin price reversal.

RSI 4 hours BTC/USD dropped below the oversold level 30, which coincided with local lows before Bitcoin spiked again.

Caleb Franzen, founder of Cubic Analytics, noted that this signal has only appeared five times since August 2024 and every time it occurs, Bitcoin is always experiencing a significant increase afterward.

"Every time RSI 4 hours Bitcoin reaches the oversold level, this period is an interesting accumulation opportunity," he wrote on platform X.

The conclusion of the rapid rise in Bitcoin after touching its lowest level just confirms that volatility remains high in the crypto market. With futures CME price gaps above $98,000, it is likely that BTC will continue to rise in the next few days. However, with geopolitical uncertainty and US tariff policy, investors are advised to remain alert to potential extreme price movements.