Bitcoin struggles around the $56,000 support level, with technical indicators suggesting a potential reversal.
2024 is generally expected to be a highly bullish year for the markets. And it has. But we are currently dealing with a strong case of the corrections. On the 10th of May, titans of the U.S. banking sector, JPMorgan and Wells Fargo, made headlines with their disclosures of holding spot Bitcoin ETFs. Data from TradingView tells us that this is where fear and optimism collide, where traders hover between hope for a breakout and dread of further decline.This activity shows a typical case of RSI Bullish Divergence on the 4-hour chart, hinting that the downtrend’s momentum is losing steam and might soon reverse.
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