Crypto: Bitcoin‘s ‘most Accurate’ Bullish Signal Hints At BTC Price Reversal

Traders spotted multiple signals that suggest Bitcoin could be gearing up for another bull run, but onchain data still highlights weakness in the market.

Bitcoin (BTC) traders highlighted multiple signals, predicting a “massive” price upswing. Still, onchain data shows that BTC price recovery could be delayed as market participants take a more defensive stance.

Bitcoin surged 600% in 2021 after a similar key bullish cross was confirmed.

Onchain data points to persistent sell-side pressure, suggesting that a BTC price recovery might take time.

Analyst Coinvo Trading spotted the appearance of a bullish cross involving the Stochastic RSI of the United States 10-Year Treasury Yield (US10Y) and China 10-Year Government Bond Yield (CN10Y) against Bitcoin’s weekly chart.

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This is “Bitcoin's most accurate bull run signal” and has only occurred four other times in the past, leading to massive price rallies, Coinvo Trading said in a recent post on X.

The last time Stoch RSI of the US10Y and CN10Y crossed was in October 2020, signalling the start of a 600% BTC rally to its 2021 all-time highs of $69,000.

Fellow analyst Matthew Hyland also foresees a possible BTC price breakout, based on the performance of the US dollar strength index (DXY).

He anticipates the BTC/USD pair to rally once the DXY edges below 96, as seen in 2017 and 2022.

Source: CoinTelegraph