BlockBeats News, February 5th, according to Tradingview data, as the price of Bitcoin drops below $71,000, Bitcoin for the first time since June 2022 triggers a weekly RSI oversold signal, currently at 29.21.
The RSI, or Relative Strength Index, is one of the most commonly used technical analysis indicators in financial markets such as stocks, futures, forex, and cryptocurrencies. It was introduced by American technical analyst J. Welles Wilder in 1978 and is mainly used to measure the speed and magnitude of price movements, determine whether the market is overbought or oversold, and help investors identify potential reversals or trend continuation signals. Generally, an RSI value below 30 indicates an oversold condition.
An oversold RSI signal does not necessarily mean the price is at an absolute low. In June 2022, Bitcoin briefly fell below $18,000, with an RSI value of about 26.2. In November of the same year, Bitcoin dropped to $15,600 during the FTX collapse, but at that time, the RSI was 31.4, showing a divergence compared to the June low (i.e., the price made a new low, but selling pressure eased).
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