Bitcoin Weekly Chart Shows Rare Bullish Divergence, Analysts Eyeing $90,000 Target

June 8 — Bitcoin is flashing only its second bullish divergence signal ever on the weekly chart, stoking trader expectations for a major new price surge. Analysts are leaning on historical precedent here: the last identical signal popped right after the 2022 FTX collapse, when Bitcoin rallied from ~$15,500 to roughly $126,200 — a more than 700% gain — leading many to bet BTC could challenge the $90,000 resistance mark this time around. Technical data backs this up: Bitcoin’s weekly RSI (Relative Strength Index) has bounced back above 34 after dipping into oversold territory, even as the crypto’s price has fallen from $75,800 to sit around $63,000. While BTC has recently notched lower price lows, its momentum indicator has formed higher swing lows — a classic bullish divergence that signals selling pressure is fading fast. From a technical standpoint, Bitcoin’s first key target is its 50-week moving average, currently clocking in at around $91,800. Right now, BTC is trading near its 200-week moving average of roughly $62,000 — a level that acted as a major bottom zone during the 2015, 2018, and 2020 bear markets, making it a critical long-term support. Top crypto analyst Michael van de Poppe adds that the 200-week MA is an ideal area for long-term accumulation, but bulls will need to first break through the $64,000–$65,000 resistance band to keep momentum alive. If they clear that range, BTC will next eye levels between $71,500 and $73,000, followed by a potential fill of the CME gap near $79,000, with the next major hurdle sitting above $90,000. That said, downside risks linger: Bitcoin is still in a bear flag breakdown pattern on its weekly chart. If this pattern plays out fully, BTC’s theoretical downside target could land below $50,000. Analysts note only a solid reclaim of the bear flag’s lower edge will effectively cap further price drops.