Bitcoin’s RSI Breaks 85 in a Move Never Seen in Bear Markets

TL;DR

• Bitcoin’s daily RSI surpassed the 85 level, a mark that historically only appeared near major bullish trends, according to analyst Sykodelic.
• CryptoQuant raised its Bull Score from 30 to 80 points; eight out of ten indicators are in bullish territory, but the firm requires a daily close above $83,000 to confirm the cycle.
• BTC open interest on Binance reached $9.54 billion, its highest level in three months, signaling a return of liquidity to the futures market.

The daily RSI of Bitcoin marked a technical milestone that, according to analyst Sykodelic, has never occurred during a bear market: it surpassed the 85 threshold after BTC reached $81,000 this week.

The analyst reviewed ten years of price history and concluded that every time that indicator crossed that level, it did so near the peak of a consolidated uptrend or at the beginning of one. “Not even when Bitcoin was worth $10 in 2011 was there a daily RSI reading of 85 or higher in a bear market,” he wrote. He acknowledged that the current pattern could become the first exception, though he ruled out that possibility.

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