Huo Xing Finance reports that on June 8, Bitcoin’s weekly chart displayed its second bullish divergence in history, sparking market expectations of a new upward rally. Analysis suggests that if history repeats itself, Bitcoin could target the $90,000 level and above. Data shows that Bitcoin’s weekly RSI indicator has rebounded above 34 after falling below oversold levels, while the price simultaneously declined from $75,800 to approximately $63,000. Although price continues to make new lows, the momentum indicator has formed higher lows—a classic bullish divergence indicating weakening selling pressure. The last similar signal occurred after the FTX collapse in 2022, when Bitcoin rallied from around $15,500 to approximately $126,200, achieving a cumulative gain of over 700%. On the technical side, analysts identify the 50-week moving average—around $91,800—as Bitcoin’s first key target. Meanwhile, Bitcoin remains near the 200-week moving average at approximately $62,000, a level that historically served as a significant support zone during bear markets in 2015, 2018, and 2020. Cryptocurrency analyst Michael van de Poppe stated that the 200-week moving average represents an ideal long-term accumulation zone, but bulls must first break above the resistance range of $64,000 to $65,000. A successful breakout could propel Bitcoin toward $71,500–$73,000, eventually filling the CME gap near $79,000, with the next major resistance zone above $90,000. However, downside risks remain. The report notes that Bitcoin is still in the breakdown phase of a weekly bear flag pattern; if this pattern continues to unfold, BTC’s theoretical target could still fall below $50,000. Analysis suggests that only a reclamation of support at the bear flag’s lower boundary can effectively neutralize further downside risk.
Bitcoin weekly chart shows rare bullish divergence; analysts target $90K
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Summary
The Bitcoin chart shows a rare bullish divergence for the second time in history, sparking expectations of a new upward move. The RSI rose above 34 after reaching oversold levels, while price lows declined but momentum highs increased, forming a classic bullish signal. This pattern was last observed after the 2022 FTX crash, after which Bitcoin rallied over 700%. Analysts now target $90,000 as a potential upside goal. Current support lies near the $62,000 200-week moving average, with a breakout above $64,000 required to reach $91,800. Downside risks persist if the bear flag pattern remains intact.
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