Bitcoin Price Flashes RSI Signal: Could Another 2023-Style Rally Be Coming?

Bitcoin (BTC) continues its attempts to reclaim previous key levels, especially the $100,000 zone. This outlook was in play as the markets entered the last month of the year, having had a very bearish quarter.

In the recent price action, Bitcoin (BTC) faced rejection every time it rose toward $96,000. The RSI, bid-ask ratio, and Coinbase Bitcoin Premium Index signaled a shift in momentum. They indicated the price was preparing for a different move.

Will BTC price bounce off from the current levels to a new peak just like post-2023?

Will History Repeat Itself as Bitcoin Price Trades at Key Level?

As the month of November approached the end, the RSI fell back to its 2023 levels. Then, the RSI was close to the oversold territory, just above 30, while BTC price was around $17,000. BTC price reversed and went on to hit a new high above $75,000.

In both cases, the price was above the 100-day EMA. In 2025, the trend had a big gap between the moving averages. This meant that Bitcoin was still in a healthy uptrend.

However, the EMAs crossed, and bulls controlled the price action during the post-2023 rally. Will bulls take control again this time?

The short-term bullish wall for BTC whales was at $89K. However, there was sell pressure at $96K, as per CW on X. These sellers made it hard for the price to go up past the $90K region.

This indicated that the buy pressure was building up at $89K, which could start a rally like the one in 2023. The green weekly candle indicated a potential rebound in the price.

BTC price had to climb above at least one broken EMA. That move would confirm a reversal from the ongoing correction in the broader crypto market. On-chain data from the biggest exchanges was also sending early signals of this looming reversal.

Analyst Bullrun Gravano gave another perspective, noting, “Have a plan.” Although history does not repeat exactly, this signal indicated potential fuel for an upside rally. Will another bull run start with BTC?

Bid-Ask Ratio Signals Increasing Demand

This historical price repetition was aligned with the bid-ask ratio for 0%-20% depth. It was showing increasing demand. The ratio was positive at 0.19 from a high of 0.4 while the price was moving up on the derivative markets.

Such an occurrence in April resulted in the rally from $80,000 to the new high of around $126,000. Price is coinciding with this bounce-off zone and could be aligning with the 2023-style RSI signal.

The signal adds strength to the potential historical repetition of a 2023-style rally on BTC. That would erase the losses seen in this quarter. The crypto market has lost more than a trillion US dollars in capitalization, with BTC at the front.

Coinbase Premium Index Flips Positive

That’s not all there is. The Coinbase Bitcoin Premium Index, which tracks mostly United States investors, was also in line with the signal.

The index flipped positive for the first time in November. This was an indication of capital flowing back into BTC, explaining why the current weekly candle was green.

Worth noting, the move could be delayed as signals just help in timing markets. Markets are driven by capital, sentiment, and fundamental factors.

The RSI signal, backed by the bid-ask ratio and the Coinbase Premium Index, hinted at a potential Bitcoin bottom. It suggested the price might be nearing a turning point.