Key Points:
Bitcoin has begun to find a local bottom, with analysis pointing out several key support lines.
The RSI indicator shows a continuation of rising demand, as doubts still exist in the longer time frames.
The Federal Reserve's interest rate cut decision is starting to show signs of cooling in the U.S. stock market performance.
Bitcoin (BTC) tested a key resistance level on Tuesday, with traders optimistic about price increases.
Data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin's price fluctuates around $114,500.
After a strong weekly close, BTC/USD consolidated its gains during Monday's Wall Street trading session.
Rekt Capital (trader and analyst) pointed out that bulls need to reclaim two important support levels. One is the 21-week exponential moving average (EMA) at $111,200; the other is the weekly close at $114,500.
"Bitcoin has successfully achieved a weekly close above the 21-week EMA (exponential moving average, green) and $114,500 (black)," he stated in a post with images on the X platform.
Rekt Capital later confirmed that the necessary retest is currently "in progress."
Crypto investor and entrepreneur Ted Pillows added that "Bitcoin has rebounded from the $113,500 support zone."
The bullish camp further benefits from a hidden bullish divergence appearing in the low-cycle relative strength index (RSI).
The hourly chart shows that despite the RSI hitting a new low, the price has formed a potential higher low, which may indicate that the short-term upward trend still has room to continue.
As previously reported by Cointelegraph, the high-cycle RSI shows trend exhaustion, with the indicator consistently making lower highs while the price keeps setting new records.
This week's macroeconomic heavyweight event—the Federal Reserve's interest rate decision—is showing signs of pressure on U.S. stock index futures.
S&P 500 futures cooled before Wall Street opened, as risk assets typically face pressure during the Federal Reserve's meetings.
Pillows also noted that Bitcoin/USD usually forms a local low on Tuesday, allowing space for a support retest.
$BTC usually peaks on Monday and bottoms on Tuesday. This has been happening for a few months now. Do you think it could happen again? pic.twitter.com/RsnRB4eZ5f
However, from a broader perspective, Mosaic Asset Company (trading resources) believes that the logic of a bull market for risk assets remains solid and beyond doubt.
Mosaic Asset Company wrote in the latest issue of their regular newsletter "The Market Mosaic":
"Evidence of economic growth boosts earnings expectations, while a loose financial environment serves as a catalyst for further growth."
Related: Bitcoin (BTC) and Ethereum (ETH) asset management companies have "collectively disappeared" since the cryptocurrency crash.
Original article: “Bitcoin (BTC) Price is Retesting $111,000 Support Level, RSI Indicates Strengthening Upward Momentum”
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