Bitcoin Bottom Might Be Near, RSI Says: Bloomberg

Bitcoin, the flagship cryptocurrency, tumbled to almost $38,000 on the Fed's announcements and Russia's Central Bank warnings. However, sellers' dominance might be on borrowed time.

RSI says that Bitcoin price bottom is near

According to the analysis shared by the experts of Bloomberg Business, Bitcoin's relative strength indicator (RSI) entered the "magical" 30-40 zone.

This price chart suggests Bitcoin may be nearing a bottom https://t.co/5boUcwnhzq

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— Bloomberg (@business) January 21, 2022

Historically, when RSI is below 40, Bitcoin (BTC) becomes heavily oversold: bears have no more energy to suppress the price. 
RSI was invented by stocks and commodities analyst J. Welles Wilder in 1978.

As covered by U.Today previously, RSI for major cryptos sits in "oversold" waters since early January.

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Bitcoin (BTC) is down more than 10% in the last 24 hours: its price briefly touched $38,100 on major spot exchange amid massive sell-offs.

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