Bitcoin's monthly RSI is at its lowest level ever as BTC's price drops below $24K.
Bitcoin’s monthly RSI is at its lowest level ever as BTC’s price drops below $24K.
The cryptocurrency markets are in shambles over the past couple of days, and bitcoin’s price dropped to levels not seen since December 2020. Data shows that the monthly relative strength index is at its lowest point… ever.the current bearish sentiment, outlining that the monthly RSI of BTC is at its lowest point – ever.
Sitting at 43.7, the last time it was close to being this low was back in January 2019 when BTC was trading at $3400, and the monthly RSI clocked in at 43.9. Before that – the next lowest point was in January 2015, when BTC was trading at $210 and the monthly RSI was at 44.6.The Relative Strength Indicator is a momentum indicator that gauges the magnitude of recent price changes to analyze overbought or oversold conditions in an asset.
Another factor to consider following the most recent dip in the bitcoin price is the number of addresses profiting from their BTC positions.
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