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The RSI is a momentum oscillator that measures the speed and change of price movements. An RSI below 30 is typically considered oversold, indicating a potential buying opportunity. Although Bitcoin has not reached this threshold yet, its proximity to it could mean a bounce is close.
What else to look for
Alongside the RSI, other technical indicators such as Moving Averages (MA) may provide extra context for the Bitcoin price. Bitcoin is currently trading below its daily SMA 50 at $66,341, and a strong move above this level could signal the start of a new uptrend.
In the short-to-mid term, it might also be essential to keep an eye on macro factors impacting broader market trends. Economic data, regulatory news and global events might influence Bitcoin's price. At the time of writing, BTC was up 0.18% in the last 24 hours to $60.877.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team