Bitcoin BTC has ranged between $20.3k and $23.8k with a week over week price change of +10.97%.
The FTX crash is now ancient history in terms of market structure. Multiple key support levels like $18.4k, $19.5k, and $20.9k have all been reclaimed in one fell swoop.
We are continuing to see signs of strength for Bitcoin in the charts. Below are the monthly candles with the Stochastic RSI.
The way this indicator works is thus - when the blue line is one top, it's bullish; when the orange line is on top it's bearish. The direction of the lines describes the momentum - downwards means momentum is exhausted; upwards means momentum is building.
In 2015, the blue line crossing above the orange on the monthly chart indicated that the bear market with OVER for Bitcoin. Same story in 2018. And now, the exact same piece of data has flashed with building momentum.
One last step of confirmation is needed here, and that is for both lines to close above the 20 level (get back into the highlighted box).
Read the full Eruptions Market Report here