Firstly, Kesmeci analyzed the Bitcoin fear (VIX) score, a technical indicator that evaluates volatility and fear in the market. According to data provided by the analyst, this indicator has been above the crucial 16.50 level for two consecutive days for the first time in 250 days, suggesting the presence of a buy opportunity.
The crypto analyst noted that the Bitcoin price reacted a little to the daily Relative Strength Index (RSI) falling to 30, which marks the oversold territory. But Kesmeci mentioned that this RSI movement should offer little excitement, except if there is a positive divergence where RSI makes higher lows while price makes lower lows.
Kesmeci then hypothesized that holding above $95,000 could mean that Bitcoin is resting and building volume. With the current data suggesting that market makers are choosing to defend the $95,000, the crypto pundit believes that BTC could enjoy a reaction rally up toward $110,000, which is the real decision zone.
As of this writing, the price of BTC stands around $95,076, reflecting no significant movement in the past 24 hours.
