Matrixport released a daily chart analysis saying, "From a technical perspective, Bitcoin is approaching oversold territory, which is usually the zone where rallies occur, but a meaningful recovery usually requires a clear reversal day, which we have not yet seen.
We have already warned of this correction based on on on-chain signals and market structure pressure. While "buy the dip" is attractive here, a more durable turnaround may still depend on the next positive macro-level catalyst, which has not yet emerged.
Technical indicators such as the RSI (Relative Strength Indicator) may start to stabilise and turn to the upside, but further spot selling and clearing may still be required before a firm bottom can be established. "
Matrixport: Bitcoin is approaching oversold territory, but still waiting for a reversal signal
2025-11-05 06:44:13
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