Bitcoin Price on the Brink of Relief Rally, Says Crypto Analyst

Over the past 24 hours, Bitcoin (BTC) has been on a rollercoaster ride, experiencing significant price swings that took it from highs of $25,941 to teetering just above the $25,000 mark. This surge in volatility coincides with a highly anticipated legal decision sought by FTX executives in the Delaware bankruptcy court.

Adding to the intrigue, the United States is gearing up for crucial economic data releases. This includes the Consumer Price Index (CPI) set to drop on Wednesday, along with the Producer Price Index (PPI) and unemployment claims on Thursday. These economic indicators can sway the market and influence Bitcoin’s price.

Expert Speaks: Bitcoin Price Analysis

Captain Faibik, a notable crypto analyst with a following of over 65,000 on the X platform, has weighed in on Bitcoin’s recent price turbulence. Despite recent bearish sentiments, Captain Faibik believes Bitcoin is on the brink of a relief rally, potentially surging by around 15.76 percent.

Captain Faibik’s analysis is grounded in technical indicators, particularly the daily Relative Strength Index (RSI). This indicator shows a bullish divergence within the context of a declining trend. Consequently, Captain Faibik has set a price target in the range of $28,900 to $29,300 for the near future.

Read More: Crypto Investors on High Alert: Top Events You Need to Watch This Week

But It All Depends On This…

However, it’s important to note that Captain Faibik stresses the significance of Bitcoin reclaiming the $28,000 level as a support threshold to solidify a bullish outlook. Failure to do so could result in a potential price drop, especially if the 200-weekly Exponential Moving Average (EMA) fails to offer substantial support in the weeks ahead.

Also Read: September Doom to Present Massive Buying Opportunity for Bitcoin and Altcoins; Expert Maps Levels

Stay tuned to know how the Bitcoin story will unfold.

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