Analysis: Bitcoin's daily RSI indicator shows a clear bullish divergence signal

Odaily Odaily News CoinGlass data shows that as of press time, $58,018 is the level at which Bitcoin attracts the most liquidity, and its price is eroding the buy support below $57,000. In addition, from July 4 to 5, the total amount of Bitcoin long positions exceeded $220 million. After that, the shorts experienced a liquidation over the weekend, and trader Daan Crypto Trades noticed that some short positions were closed when Bitcoin reached a local high of $58,500. Other analysts saw encouraging signals, including bullish divergences, from the Bitcoin Relative Strength Index (RSI) on the daily time frame. Analyst Wolf YuX wrote: "My initial bearish target was $52,000, but it looks like the bulls may be one step ahead of me. The daily RSI indicator showed a clear bullish divergence, and the expanding wedge pattern further increased investor interest." (Cointelegraph)