For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.
Actually, a lot of positions have been opened in this accumulation area of 31k-40k but I am not sure which side positions have been accumulated. There are good chances that these can be short positions for the downside which means even after a good RSI market may fall downward after hitting the 40 RSI mark indicating continuation of the Bearish Phase. Also, the Divergence of RSI isn't a very accurate indicator alone. It should be supported by some trading pattern or strong price action. Trading pattern we are currently getting is descending triangle while the price action overall is quite bearish.