Bitcoin price near $60.000: bullish divergence in sight

The Bitcoin price is moving around $60.100 on Friday, a decline of 2.5% in the past 24 hours. Analyst Michaël van de Poppe sees an interesting situation emerging: a bullish divergence may be forming on the daily chart, but it is far from confirmed. Moreover, today is options expiry day, which could bring additional volatility.

Bitcoin is available at OKX and Bybit.

Options expiry and the behaviour of MSTR and STRC

Friday is traditionally an exciting day in the crypto markets, as Bitcoin options worth billions of dollars expire today. Such moments typically cause significant price movements, sometimes already in the days before. Van de Poppe also focuses on MicroStrategy (MSTR) and Strategy (STRC), two companies that have invested heavily in Bitcoin. Both stocks have already fallen sharply recently, and the question is whether that decline will continue.

Remarkably, the Bitcoin price held steady around $60.000. despite the sharp price drop of STRC yesterday. Van de Poppe states that this is not a weak signal. It suggests that Bitcoin is relatively resilient, even when related companies are under pressure.

Bullish divergence and the importance of the 200-week MA

On the daily chart, Van de Poppe sees a possible bullish divergence emerging. This is a technical signal where the price sets new lows while indicators form higher lows. It can point to an upcoming upward recovery, but Van de Poppe clearly indicates that this pattern is not yet confirmed.

Crucial in this is the level of $62.000, If Bitcoin returns to that level, the bullish divergence becomes valid and the 200-week moving average holds again. These are two strong technical signals simultaneously. Moreover, short positions would be massively liquidated in such a rise, which could further strengthen the upward movement. The coming days are therefore decisive, says Van de Poppe. Earlier this week there was also discussion about a possible double bottom around $61.000, which further complements the picture of a potential recovery. Whether the market actually bounces back or sinks further will become clear in the coming days.