Bitcoin’s Bullish Ballet: RSI Gives Side-Eye While Traders Bet on $190K Finale!? 🩰💸

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What one must know, unless one prefers blissful ignorance:

  • In the shadowy alcove of technical indicators, Bitcoin’s 14-month RSI languishes with all the enthusiasm of a cat at a bureaucrats’ convention-yes, it’s showing bearish divergence. Meow!
  • Meanwhile, the traders, delirious or visionary (perhaps a bit of both), are feverishly whispering hopes of a year-end soirée, setting December BTC call spreads as high as $190,000. Champagne, anyone? 🍾

The Plot Thickens…


BTCBTC$110,058.89◢2.77%

Daily gospel according to CoinDesk oracle and Chartered Market Technician Omkar Godbole.

Some infernal indicator (the Relative Strength Index, if you bother with names) rattles its chains: “Beware, for the exuberant bull market may stumble and spill its coffee early!” Traders, however, remain unswayed, heroically marching toward an imagined rally with the stubbornness of Mikhail Bulgakov’s cat Behemoth.

The RSI-a mystical oscillator with powers ranging from 0 to 100-allows traders to divine the speed and magnitude of price twitches, preferably over 14 days, 14 weeks, or 14 months. Why not 14 years, one might ask? Pah! Let’s not get ahead of ourselves.

Bitcoin’s 14-month RSI is now winking with bearish divergence-a notorious pattern, which occurs, to the vexation of all, when the RSI shuffles downward while prices insist on ascending. This, dear reader, is not unlike an elevator going up while the handle insists on being pulled down. Chaos!

For the conspiracy theorists among us, the monthly chart displays BTC’s latest victory lap-new heights in July-August! But the RSI, ever the contrarian, mutters and mopes, forming a lower high, like a downtrodden actor snubbed for an award.

Making this bearish divergence particularly spicy: it’s sidling up to resistance at a trendline drawn from the hallowed peaks of December 2017 and November 2021. One can almost hear the screech of tires as momentum collides with history.

So let us say, with no drama spared: the bullish brigade should sleep with one eye open. Yet, with the reckless optimism of a Soviet magician, market flows still indicate many are preparing for price pyrotechnics.

“Blocks suggest traders are strapping in for further levitation, especially with frenzied December BTC call spreads ($125K/$160K). Ethereum dances a more restrained jig, settling for $4,800 September strikes, with pressure lifting up front,” Jake Ostrovskis, OTC Trader at Wintermute, declared in an email Thursday. The sort of pronouncement that pairs well with vodka, if you ask me. 🍸

Block flows, those enigmatic and enormous deals whispered in private boudoirs of finance, usually feature participants with wallets thicker than the collected works of Dostoevsky.

The December call spread, per Ostrovskis, amounts to a lofty wager: BTC soaring to $160K or more before the year collapses. Consensus, as slippery as a Moscow winter, favors a rally that just keeps running, even as prices dream of $190,000. Currently, Bitcoin itself trades near $110,500-a 4.6% loss for the month, if you’re the sort to keep score.

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2025-08-29 11:00