A crypto analyst known for calling the 2022 Bitcoin crash says the BTC market is showing resilience amid global uncertainty.
Pseudonymous analyst Capo tells his 909,000 followers on X that key metrics show Bitcoin’s market remains strong as the top crypto asset hovers around $69,000, after reaching a high this week at around $73,000.
“Despite the events, the strength that the market is showing is undeniable. Bears keep getting trapped.”
The analyst shares a chart highlighting the recent buying and selling volume of Bitcoin, suggesting the market is absorbing large volume sell-offs.
The analyst also shares another chart that shows a lack of sell-orders in the $70,000 range, suggesting most investors are holding in anticipation of higher price targets.
The analyst says if Bitcoin can convincingly regain $72,000 as a support level, he expects a quick move up into the $80,000 range.
“Just needs a strong candle close above $72,000 and we should see $85,000+ with alts outperforming.”
The analyst also notes that the 10-day relative strength index (RSI), a momentum oscillator used to determine overbought or oversold conditions, is flashing bullish in an unprecedented way.
“10-D RSI reaching oversold zone. This is literally the first time in the history of Bitcoin.”
Bitcoin is trading for $69,202 at time of writing, up 1.6% on the day.
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