Bitcoin Weekly Close Lowest Since 2024 as CZ Dismisses 'Obituaries'
Bitcoin posted its worst weekly close since H2 2024, but Changpeng Zhao and a key RSI divergence signal potential recovery.
Bitcoin ended last week at its lowest weekly close since the second half of 2024, extending a seven-day decline that erased over 8% of its value and dragged the broader crypto market to levels not seen since early this year.
The sell-off has revived 'Bitcoin obituaries,' with critics declaring the asset's demise, but former Binance CEO Changpeng Zhao dismissed such narratives, suggesting the downturn is a routine correction.
Technical Divergence Emerges
The weekly relative strength index (RSI) is holding higher lows even as Bitcoin price prints lower lows—a bullish divergence that last appeared before Bitcoin's recovery from the 2022 bear market bottom. Some analysts see this as a potential signal of a trend reversal.
The pattern does not guarantee a rebound, but historical precedent has drawn attention from traders monitoring the market's next move.
The drop comes amid macroeconomic uncertainty and regulatory headwinds, with Bitcoin trading near recent lows. The crypto market remains closely tied to broader risk sentiment.