Cryptocurrency analyst Ali Martinez made a comprehensive assessment of Bitcoin, which was traded above $ 27,000 at the time of writing this article.
Martinez noted a pattern that has been consistent since mid-April. According to the analyst, every time the Relative Strength Index (RSI) value reached 73.31 on the 4-hour chart, the Bitcoin price showed a pullback. This pattern appears to be repeating itself, according to Martinez, as Bitcoin approaches the descending resistance trend line at $27,440.
According to the analyst, a correction from this level could push Bitcoin to $25,200 or below, creating a potential 'bottom'. Martinez argued that a close of the 4-hour candle above $27,440 could signal a reversal of the bull run.
Additionally, data from Santiment reveals that Bitcoin's on-chain activity continues to increase significantly from what it has been since April.
Santiment also added that the third largest inactive BTC transfer of the last three months took place yesterday.
*This is not investment advice.
