{"id":1524,"date":"2022-01-30T10:50:22","date_gmt":"2022-01-30T10:50:22","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=1524"},"modified":"2022-01-30T10:50:23","modified_gmt":"2022-01-30T10:50:23","slug":"bitcoin-stays-near-38k-as-rsi-breakout-challenges-boring-weekend","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1524","title":{"rendered":"Bitcoin stays near $38K as RSI breakout challenges &#8216;boring&#8217; weekend"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) circled the $38,000 mark into Jan. 30 as a &#8220;trappy&#8221; weekend still offered the chance of a solid weekly close.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>&#8220;Choppy waters&#8221; for Bitcoin<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD regaining the $38,000 mark after seeing local highs of $38,740 on Bitstamp the previous day.<\/p>\n<p>Despite its strong &#8220;out of hours&#8221; performance, few analysts believed in BTC as a firm bullish play without traditional market guidance.<\/p>\n<p>&#8220;Still choppy waters for Bitcoin,&#8221; Cointelegraph contributor Micha\u00ebl van de Poppe summarized in his latest Twitter update. <\/p>\n<p>&#8220;Looking at $37K to see whether that sustains. If not -&gt; I&#8217;m assuming we&#8217;ll test lows for daily bullish divergence to create. If we hold, we might see a breaker above $38.5K happening. Weekend times -&gt; boring\/trappy.&#8221;<\/p>\n<p>The highs nonetheless continued what looks like a slow return to form for BTC\/USD on daily timeframes after its sub-$33,000 lows earlier in the week.\u00a0<\/p>\n<p>For trader, investor and entrepreneur Bob Loukas, strength lay in the pair&#8217;s multiple closes above the 10-day moving average (MA).<\/p>\n<p lang=\"en\" dir=\"ltr\">Two consecutive closes above the 10-dma for #bitcoin makes you think the lows are in now (for 60-day cycle).  Maybe an attempt to get back down to $35k area is possible.<\/p>\n<p>\u2014 Bob Loukas (@BobLoukas) January 29, 2022<\/p>\n<p>Hopes of a weekly close at $39,600 resistance, however, still looked unlikely to be fulfilled at the time of writing.\u00a0<\/p>\n<p>&#8220;Crypto market is full of breakout traders.\u00a0What is the easiest way to bait them on a weekend when morale is already low? Force a move,&#8221; the skeptical trader and analyst known as Cantering Clark on Twitter added. <\/p>\n<h2>RSI gives bulls cause for excitement<\/h2>\n<p>Shifting to on-chain data, meanwhile, popular analyst Matthew Hyland revealed yet more bullish cues coming from BTC&#8217;s relative strength indicator (RSI).<\/p>\n<p><strong><em>Related:\u00a0No blow-off top? Bitcoin hodler metric points to \u2018depressed\u2019 BTC price<\/em><\/strong><\/p>\n<p>Across multiple chart timeframes, RSI recently hit its most &#8220;oversold&#8221; levels since the Coronavirus crash of March 2020.<\/p>\n<p>The metric is used to determine how &#8220;overbought&#8221; or &#8220;oversold&#8221; BTC is at a particular price, and thus how likely a particular trend is to sustain.<\/p>\n<p>Currently, thanks to the modest rebound off the lows, RSI appears to be in the process of challenging a multi-month downtrend in place since November.<\/p>\n<p>&#8220;The two previous breakouts during the past year have lead to massive bullish moves,&#8221; Hyland added as part of Twitter comments alongside a chart showing the action.<\/p>\n<p><em>Bitcoin daily RSI vs. BTC\/USD annotated chart. Source: Matthew Hyland\/ Twitter<\/em><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-stays-near-38k-as-rsi-breakout-challenges-boring-weekend\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) circled the $38,000 mark into Jan. 30 as a &#8220;trappy&#8221; weekend still offered the chance of a solid weekly close. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView &#8220;Choppy waters&#8221; for Bitcoin Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD regaining the $38,000 mark after seeing local highs of $38,740 on Bitstamp the previous [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-1524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1524"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1524\/revisions"}],"predecessor-version":[{"id":1526,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1524\/revisions\/1526"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1525"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}