One of Bitcoin’s Crucial Macro Indicators Just Formed a Bullish Breakout

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From the lows seen on Sunday, Bitcoin has sustained a healthy bounce. As of the time of this article’s writing, the leading cryptocurrency trades for $9,250. At the local peak on Monday, it traded as high as $9,400 on major exchanges. While the cryptocurrency is not yet above the crucial $9,400-9,500 resistance region, an analyst has observed that a breakout is taking place. The breakout is in Bitcoin’s one-day relative strength index (RSI), which indicated BTC’s directionality well for the past two years. The indicator shows that Bitcoin investors should begin to be bullish as the RSI crosses above key levels. Bitcoin Prints Crucial Breakout, Key Indicator Shows According to Investopedia, the RSI is a “momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset.” A relative strength index analysis by…

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