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The RSI breakout challenges the 'boring' weekend as Bitcoin remains at $38,000.

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According to one analyst, the RSI is on the verge of repeating a trend break that prompted "huge" BTC price swings twice in the last year.


Bitcoin (BTC) maintained around $38,000 on Jan. 30 as a "trappy" weekend remained a possibility for a strong weekly close.




BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView


BTC/USD reclaimed the $38,000 mark, according to data from Cointelegraph Markets Pro and TradingView, after hitting local highs of $38,740 on Bitstamp the day before.


Despite its excellent "out of hours" performance, few analysts saw BTC as a solid bullish bet in the absence of traditional market guidance.


"Still choppy waters for Bitcoin," Cointelegraph contributor Michaël van de Poppe summarized in his latest Twitter update.


"Looking at $37K to see whether that sustains. If not -> I'm assuming we'll test lows for daily bullish divergence to create. If we hold, we might see a breaker above $38.5K happening. Weekend times -> boring/trappy."




Despite the highs, BTC/USD appears to be slowly returning to form on daily timescales after hitting sub-$33,000 lows earlier in the week.


Bob Loukas, a trader, investor, and entrepreneur, saw the pair's multiple closes above the 10-day moving average as a source of strength (MA).


Hopes of a weekly close at $39,600 resistance, however, still looked unlikely to be fulfilled at the time of writing.

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