Bullish reversal? Traders debate whether $37K BTC price is a trend reversal

The cryptocurrency market flashed bullish on June 9 as (BTC) price reversed course and rallied 20% to $37,500.

For the past few weeks, analysts had been debating whether or not BTC was entering a long-term bear trend and the argument has been further complicated by a mixture of positive and negative headlines including the adoption of Bitcoin (BTC) as legal tender in El Salvador and authorities in China ordering Chinese search engines to block results for searches related to the top crypto exchanges in the country.

4-hour chart. Source: TradingView
Bitcoin head and shoulders pattern. Source: Delphi Digital
Bitcoin price and a bullish divergence on the RSI. Source: Delphi Digital
Daily cryptocurrency market performance. Source: Coin360
Ether supply locked in smart contracts vs. price. Source: Delphi Digital