Bitcoin’s bottom is here, after the past few challenging weeks which led the RSI of the coin to the lowest point since May 2021 so let’s read further in our Bitcoin price news.
The total capitalization is down by over $300 billion over the past week and Bitcoin along with other cryptocurrencies is struggling in terms of pricing but some technical indicators could suggest that Bitcoin’s bottom is here. At the time of writing, Bitcoin is down 11% over the past 7 days and it is trading at around $42,000 with the rest of the market is also down considerably. Ethereum is down by 17% and BNB is down by 16%. The Relative Strength Index could suggest that the bottom is closing in as well as the metric represents a momentum oscillator and measures the speed and change of the price movements and it now oscillates between 0 and 100.
Traditionally, when the RSI is above 70, the asset is considered overbought and when it is below 30, it is considered oversold. Yesterday, the RSI was at its lowest point since the crash that happened in May and the previous time it was this low was in March 2020. what this shows is that on two separate occasions in the past Bitcoin’s RSI dropped to the levels and it is now at the local bottom with the price increasing dramatically in the months after. Another possible bottom indicator could be the fact that the Bitcoin fear and greed index based on various criteria such as volatility and market momentum, is now showing a state of “extreme fear.”
As recently reported, two days ago Bitcoin was still not out of the woods as the asset crashed to $41,000 hours ago. Most altcoins followed a similar pattern with a few exceptions like ATOM which increased 16% in one day. The reports show that the substantial market crash where the main cryptocurrency crashed by double-digit percentages from $47,000 to below $43,000, it still ongoing. This came after a few days of sitting calm near $47,000 but following the drop, Bitcoin remained above its intraday bottom with the situation worsening hours later.
Bitcoin dipped below $41K and lost $2000 of value. Since then, BTC reclaimed some ground and touched the ,000 price before getting rejected again and pushed to over ,000 where it now sits.
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