Why The Bitcoin Price Could Mark A Generational Bottom And Rise Over 200%
Bitcoin’s investor sentiment is in ruins, but buried inside the wreckage, a technical signal that has appeared only at the most consequential turning points in Bitcoin’s history has just fired again. This technical argument, which is built around Bitcoin’s Relative Strength Index, is because the indicator has fallen to its lowest daily reading in four years, a level last seen near the 2022 bottom before BTC began its climb from $15,500 to $70,000. Bitcoin’s RSI Is Back In A Rare Bottom Zone The Relative Strength Index is among the most used momentum indicators, measuring the speed and magnitude of price movements on a scale from 0 to 100. Readings below 30 indicate oversold conditions. At its lowest point during the recent selloff over the weekend, the daily RSI fell to as low as 21.8, and the reading is still around the mid-20s at the time of writing. Related Reading: Crypto Analyst Gives Timeframe For When The Bitcoin Price Will Hit $200,000 That places this reading among the lowest