Bitcoin’s (BTC) Metric Is Signaling Bottom: It Has Experienced A 6x Rise Before

While Bitcoin (BTC) has fallen to its lowest level in recent periods, the data is similar to the levels before the 2018 bull run.

With the last drop in Bitcoin, about $15,500 levels, and there was a reaction from there. Bitcoin has long been “oversold” Relative Strength Index (RSI) level at to level 34 as much as it declined. It’s like oversold and regression In the month of 2018 had happened. During this decline 4 years ago, the RSI level was the same as it is these days. to 30s levels and Bitcoin had become “oversold”.

As we will all remember after this oversold RSI data in 2018 500% rise in bitcoin price came and about a bull lasting 8 months run had occurred. It is not possible to know if history will repeat itself, but if there is a movement in line with the data, in the coming days bitcoini one rise It may be waiting.

However, it should not be forgotten that the markets show specific reactions according to the conditions of the period they are in. still ongoing Russia-Ukraine war, macroeconomic decline and in the last days Chinese worldwide, including Covid-19 cases on the riseIt can be interpreted as a sign that the risky days are not over.

The same can be observed in Ethereum, the second largest asset of the crypto market. According to data shared by Santiment, whale movements in recent weeks 2020 It is similar to what happened in Ethereum (ETH) may trigger its rise.

source site-9