Bitcoin's Weekly RSI Blinks Bullish

Bitcoin's price action has left market participants divided over its trajectory following last week's 25% rebound.

The weekly relative strength index (RSI) has reached 58.3, echoing a similar bullish divergence seen during the end of the 2022 bear market.

This development has led some analysts to suggest that the current bear market may be nearing its end and potentially entering a new phase.

Jamie Coutts, chief crypto analyst at Real Vision, noted that weekly RSI divergences have 'real weight' in predicting price movements.