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One of the Most Reliable Indicators for Bitcoin Flashing Bullish Signal, Says Trader – Here Are His Targets

Published

2 months ago

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Analyst and trader Kevin Svenson is leaning bullish on Bitcoin (BTC) as the flagship crypto asset hovers below the $100,000 price.

In a new video, Svenson tells his 82,400 YouTube subscribers that the weekly Relative Strength Index (RSI) indicator, which he considers “one of the most reliable signals for bullish pivots in Bitcoin land,” is suggesting a move to the upside for the flagship crypto asset.

The RSI is a momentum indicator that oscillates between 0 to 100 and is used to determine overbought or oversold levels.

“And now we are seeing, if you look closely, the weekly RSI is starting to peak above the downtrend line…

If we do get a close above this resistance line, well it may indicate a huge leg up for Bitcoin is underway.

Every single major uptrend for Bitcoin that we’ve had since the beginning of 2023 was marked by a weekly RSI breakout every single time. If we do in fact close with a weekly RSI breakout, I’m going to become very bullish on Bitcoin in the short, medium and long term.”

Source: Kevin Svenson/YouTube

Svenson says that if the RSI indicator successfully breaks out above the resistance line on Bitcoin’s weekly time frame, the flagship crypto could rally by up to 36% from the current level.

“So in between $124,000 – $134,000 is the target range for me on this parabolic trend…

I do expect that after we get this next major punch, this next major parabolic advance to $124,000 or maybe $134,000, there will be some sort of correction that comes alongside that where the market would then settle up and then punch up into the end of the year for a much higher target.”

Source: Kevin Svenson/YouTube

Bitcoin is trading at $98,797 at time of writing.

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Bitcoin

Bitcoin Price Holds Steady, But Futures Sentiment Signals Caution

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51 minutes ago

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April 17, 2025

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According to a recent CryptoQuant Quicktake post, while Bitcoin (BTC) has seen a steady rise in price from November 2024 to February 2025, sentiment in the cryptocurrency’s futures market has not shown a corresponding uptick.

Bitcoin Futures Sentiment Index Signals Caution

Bitcoin’s price surged from approximately $74,000 in November 2024 to a peak of $101,000 by early February 2025. However, following US President Donald Trump’s tariff announcements, risk-on assets – including BTC -have experienced a significant pullback.

After hitting a potential local bottom of $74,508 earlier this month on April 6, the apex cryptocurrency has recovered some of its recent losses. The top digital asset is trading in the mid $80,000 range at the time of writing.

Despite this recovery, BTC’s futures sentiment has continued to decline since February. Even as the price holds near local highs, sentiment in the futures market has notably cooled.

CryptoQuant contributor abramchart highlighted this divergence, noting that it could indicate increasing caution or profit-taking behavior despite the ongoing bullish trend. The analyst commented:

This indicates a cooling interest or increased fear in the futures market, possibly due to macroeconomic uncertainty, regulatory concerns, or expected corrections.

A look at the BTC futures sentiment index shows a resistance zone around 0.8 and a support level near 0.2. The index is currently hovering around 0.4, pointing to a predominantly bearish sentiment across futures markets.

cq
The BTC Futures Sentiment Index currently hovers around 0.4 | Source: CryptoQuant

Similarly, Bitcoin’s average price has steadily declined from its early 2025 highs. It is now ranging between $70,000 and $80,000, signalling possible market indecision amid heightened tariff tensions.

According to abramchart, if futures sentiment remains low, BTC could face extended price consolidation or even downward pressure in the near term. However, any emerging bullish catalyst could quickly shift the sentiment and renew upward momentum.

Is BTC Close To A Momentum Shift?

Some analysts believe Bitcoin may be nearing a breakout. After consolidating in the mid-$80,000s for several weeks, on-chain metrics suggest BTC may be undervalued at current levels. Indicators such as BTC exchange reserves and the Stablecoin Supply Ratio support this view.

In addition, momentum indicators like Bitcoin’s weekly Relative Strength Index have begun to break out of a long-standing downward trendline – raising hopes for a potential bullish rally back toward $100,000.

However, several risks still remain. The recent appearance of a ‘death cross’ on BTC’s price chart – combined with persistent macroeconomic concerns related to trade tariffs – could still weigh heavily on market sentiment. At press time, BTC trades at $83,917, down 1.8% over the past 24 hours.

bitcoin
BTC trades at $83,917 on the daily chart | Source: BTCUSDT on TradingView.com

Featured image from Unsplash, Charts from CryptoQuant and TradingView.com



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Panama City Approves Bitcoin And Crypto Payments For Taxes, Fees, And Permits

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53 minutes ago

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April 17, 2025

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In yet another milestone for Bitcoin adoption in Latin America, the Panama City Council has voted to approve the acceptance of Bitcoin and other digital currencies for municipal services, making it the first public institution in the country to do so.

The news was announced by Panama City Mayor Mayer Mizrachi on X (formerly Twitter), who stated:

“Panama City council has just voted in favor of becoming the first public institution of government to accept payments in Crypto. Citizens will now be able to pay taxes, fees, tickets and permits entirely in crypto starting with BTC, ETH, USDC, USDT.”

This decision sets Panama City on a more progressive path, enabling residents to interact with their local government using Bitcoin for everyday transactions. Mizrachi also explained how this was achieved without the need for new legislation, a hurdle that had stalled previous efforts.

“Prior administrations tried to push a bill in the senate to make this possible, but we found a simple way to do it without new legislation. Legally, public institutions must receive funds in $, so we partner with a bank who will take care of the transaction—receiving in crypto and convert on spot to $. This allows for the free flow of crypto in the entire economy and entire government.”

The Panama City Mayor’s Office further confirmed the news on its official social media channels, saying:

“We will soon become the first public institution in the country to allow payment for municipal services in cryptocurrency, through an authorized bank that will be responsible for converting the proceeds into dollars for the Mayor’s Office.”