Bitcoin's RSI Echoes 2022 Divergence Amid Price Volatility

Bitcoin's price action has been sending mixed signals after reaching $80,000 as traders are divided on the market's trajectory.

The weekly Relative Strength Index (RSI) for Bitcoin is at 58.3, which is a bullish divergence that accompanied the end of the 2022 bear market.

According to Jamie Coutts, chief crypto analyst at Real Vision, 'weekly is the timeframe that matters here, that's where you read the secular trend and the cycle inflection points.'

Coutts notes that weekly bullish divergences have real weight, citing price upside from previous divergence events.