Traders are anticipating a possible short-term rally for Bitcoin, with data showing that the Relative Strength Index (RSI) for BTC/USD is extremely oversold, with the indicator falling to its lowest level in almost three years. Bitcoin is down 36% from its all-time high of $126,000 to $80,500, which has had a significant impact on the RSI indicator for high time periods. On the weekly chart, the RSI has fallen from a local high of 64 in September to 35 currently. This level was last seen in January 2023, when Bitcoin was trading around $15,500-17,000.
Analyst Jelle said: Historically, when the weekly RSI hits this level, it is worth watching.
He added: "Either we are close to a bottom, or we will soon experience a larger downside. Mister Crypto pointed out in Friday's X post that Bitcoin's Stochastic Relative Strength Index (StochasticRSI) shows that it is the deepest oversold in the entire cycle, and the possibility of a short-term rally is very high." (Cointelegraph)
Traders expect bitcoin to rebound in the short term, with the RSI index in an extremely oversold state
2025-12-19 13:28:05
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