Bitcoin has climbed back above $60,000, pushing technical indicators back into focus. Analysts are closely watching whether the Relative Strength Index, or RSI, is forming a pattern similar to the setups seen near past market bottoms, while the market continues to test the importance of the $60,000 support area.
Hourly and four-hour charts show divergence signals
During Bitcoin’s recent decline, RSI readings drew renewed attention from traders. On the hourly chart, the indicator formed higher lows, suggesting buyers were stepping in at key levels. On the four-hour timeframe, price moved to lower lows while RSI posted higher lows. That mismatch is commonly read as a bullish divergence, a signal that can point to a possible reversal in momentum.
A trader using the name Rod said on X that the current structure resembles the closing phase of the 2022 bear market. His comparison rests on chart similarities to a period when weekly RSI bullish divergence appeared near Bitcoin’s bear market bottom at roughly $15,600. That historical example is one reason some analysts are paying close attention to the same kind of setup now.
$60,000 remains the key line traders are watching
Earlier in June, Bitcoin’s four-hour RSI fell to 11.4, one of the lowest readings on record. The recovery that followed has been interpreted by technical analysts as an attempt to rebound from oversold conditions. Crypto analyst Lukasz Wydra said bullish RSI divergence has now also been confirmed on the daily chart.
Wydra added that price defense around $60,000 remains visible on Binance, the world’s largest crypto exchange by trading volume. He described the pattern as an encouraging sign. Even so, the market is not aligned on the outlook. Some traders argue that short-term strength does not mean downside pressure has fully disappeared.
Some analysts still point to $55,000
Niels Klaver, co-founder of STABL Agency, repeated his view that Bitcoin could still fall to $55,000 before making a more significant move. That keeps a cautious tone in place even after the recovery above $60,000.
Trader and analyst Rekt Capital said July often delivers the opposite performance of June, which raises the possibility of a relief rally next month. He also warned that the 50-month exponential moving average has now been confirmed as resistance. If a July rebound does develop, he said it may not last long, and weaker support at $60,000 in August could open the door to another leg lower.