Bitcoin is trying to recover the $60,000 level, while a relative strength index (RSI) bullish divergence is drawing attention as a bottom signal.

On June 29 (local time), blockchain media outlet Cointelegraph reported that market participants are watching whether bitcoin charts are showing technical action similar to the 2022 bear-market bottom.

TradingView data show bitcoin's price moved back above $60,000 and volatility has eased somewhat. On the hourly chart, lows have gradually risen. On the four-hour chart, bullish divergence has formed, with RSI making a higher low while price makes a lower low. This structure is typically interpreted as a signal that a decline is slowing and a reversal may be possible.

An anonymous trader, Lord, compared the current bear-market flow with 2022 and argued that a similar pattern is repeating. At the time, after weekly RSI bullish divergence appeared, bitcoin formed a bear-market bottom at $15,600, and that area later served as a market bottom for an extended period.

Short-term indicators are also boosting expectations for a rebound. The four-hour RSI fell to 11.4 in early June, one of the lowest levels on record. As bullish signals then spread to the daily chart, some analysts are putting more weight on the possibility of a technical reversal.

Crypto analyst Lukasz Bydra said a daily-chart bullish divergence has been officially confirmed. "The RSI bullish divergence on the Bitcoin chart has been confirmed," he said. "The signal could deepen, but it is also clearly visible that Binance continues to defend the price." He called the RSI signal an "encouraging signal."

Still, the market outlook has not tilted in one direction. Some traders believe additional downside pressure is not yet over. Nils Claver, co-founder of crypto platform STABL Agency, maintained his previous outlook that bitcoin could fall to $55,000 before any major shift in direction appears. He said the current situation would need a test of a lower price zone first to change.

Views on the next month are also divided. Trader and analyst Rekt Capital forecast that a relief rally could appear in next month's market, citing that July typically shows a different price flow from June. He also forecast that after bitcoin confirms the 50-month exponential moving average (EMA) as a new resistance line, the relief rally could fade in August and further declines could appear as support at $60,000 weakens.

In this way, the market is treating RSI bullish divergence as a clue for a rebound, while remaining cautious about whether a short-term bottom has been fully confirmed. Immediate focus is on whether bitcoin can solidify the $60,000 level as support, or face renewed downward pressure after a technical rebound.

INSANE RSI bull div forming on the 4hr here This has a very high strike rate We're about to pump HUGE pic.twitter.com/ovDcfshU5Z