Three signs that Bitcoin is finding its market bottom
Bitcoin (BTC) may be approaching a local bottom after falling over 35% from its recent all-time high. Key signals suggest selling pressure is fading. The weekly Stochastic RSI has turned up from oversold levels—a pattern seen near major historical bottoms. A bullish divergence on the three-day chart, where price made a lower but momentum did not, further supports this.
Miners are showing signs of capitulation, with a 4% drop in hash rate over 30 days—a historically bullish signal that has preceded strong medium-term returns.
Macro conditions also hint at a potential reversal. The National Financial Conditions Index (NFCI) suggests a Bitcoin rally could begin within 4–6 weeks, similar to past cycles. Despite these positive signs, some analysts still predict further downside, with targets as low as $70,000–$25,000.
cointelegraph12/24 12:17
