Bitcoin Stuck in Bear Market, Analyst Sees Signs of Turnaround

Bitcoin has been stuck in the low $60,000s since February after a capitulation low, according to analyst Jamie Coutts. The price has mostly moved sideways with one counter-trend rally of about 30%, which is normal behavior for Bitcoin bear markets.

Coutts says that his signal to watch is for Bitcoin to break above the high $70,000s to confirm that the downtrend has actually reversed. Until then, he's treating this as a probability game, not a done deal.

He points to weekly RSI divergences as his go-to signal for spotting when a downtrend is losing steam. This is when price keeps falling but momentum indicators stop confirming the drop, which Coutts calls a warning sign, not a green light.

Coutts has already started adding top Layer 1 tokens and blue chip DeFi tokens to his portfolio, using what he describes as his largest cash reserve in years. He's targeting names showing relative strength against the broader market rather than simply buying anything that's fallen hard.