Bitcoin’s (BTC) stochastic RSI has printed a bullish cross with a history of preceding sharp price rebounds.
Stochastic RSI tracks momentum based on price movements relative to their range over a given period. This classic indicator operates between 0 and 100, with values above 80 considered overbought and below 20 deemed oversold.
BTC/USDT weekly price chart. Source: TradingView/Merjin The Trader
A crossover of the blue %K line above the orange %D line from an oversold region technically suggests growing upward momentum.
Another $120,000 BTC price target emerges
Historical fractals show that each time the weekly stochastic RSI made the bullish cross, Bitcoin underwent sharp price recoveries within three to five months. Its gains have averaged at around 56% during such rebounds, ̛including rallies that extended beyond the 90%-return mark.
BTC/USD weekly price chart. Source: TradingView
That includes a roughly 90% rally from November 2022 lows, 92% gains in late 2023, and a
