Leading cryptocurrency bitcoin It has been in a downtrend ever since it hit an all-time high of $69,000 in November last year.
Although the recovery started in Bitcoin in January, BTC, which could not continue its upward trend, set a new low level by falling below $ 40,000 on January 21, that is today.
While it was discussed that the FED’s statements and the demand for the Russian Central bank to ban cryptocurrencies were effective in this decline in Bitcoin, Bloomberg Business experts said that the most popular price momentum indicator in Bitcoin. (RSI) enters critical zonehe said that.
This price chart suggests Bitcoin may be nearing a bottom https://t.co/5boUcwnhzq
— Bloomberg (@business) January 21, 2022
Stating that the RSI has descended to the 30-40 region, experts evaluated that this may be a bottom signal in Bitcoin and that the downward movement of BTC is about to end.
Founded by stock and commodity analyst J. Welles Wilder in 1978. When the RSI indicator falls below 40 historically, it means that Bitcoin is in an oversold period.He said this means the bears don’t have much strength left to suppress the price.
Bitcoin, which reached record levels in 2021, experienced a decline with Tesla’s suspension of sales with BTC and crypto currency bans from China.
Affected by the negative news, BTC fell as low as $29,000 in the summer.
According to CoinMarketCap data, Bitcoin price, which has decreased by about 8% in the last 24 hours, continues to trade at $ 38,796.
*Not investment advice.