Bitcoin Top And Bottom Metric Reaches Historically Oversold Level
Bitcoin price is still stuck in the mid-$30,000 range for weeks now, unable to break any lower or make an attempt to reclaim highs. After such a drastic 50% move down, the market is shaken and waiting for confirmation of direction before volume returns. Currently, the top cryptocurrency by market cap is at historically oversold […]
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Bitcoin price is in free fall and the cryptocurrency community is in panic. The high-risk, speculative asset class is living up to its notorious volatility and the selling appears unstoppable. At some point, all assets become oversold and recovery begins. After the most recent selloff, BTCUSD weekly RSI has reached the most oversold level in the entire history of price action, including two bear market bottoms. Bitcoin Selloff Sets Record For Most Oversold Weekly RSI Ever Bitcoin price today tapped below $22,000 per coin and is rapidly approaching prices closer to the 2017 peak. Many....
Advanced NVT was already hinting that Bitcoin was "seriously cheap," but has now printed a rare buy flag. A Bitcoin (BTC) price metric which made BTC “look seriously cheap” at $56,000 is now in rare oversold territory.In a tweet on Dec. 6, Philip Swift, Philip Swift, creator of analytics platform LookIntoBitcoin, returned to potentially bullish signals coming from Bitcoin’s Advanced NVT Signal.Advanced NVT deflates in Bitcoin price routAdvanced NVT calculates whether Bitcoin is overbought or oversold at a certain price point using market capitalization and network volume.In late November,....
The market saw a dramatic Bitcoin price drop over the past two days, plunging from a high of $64,500 on Sunday to a low of $58,474. Yesterday’s steep decline followed an unexpected announcement from the trustee of the defunct Mt. Gox exchange, revealing plans to commence BTC and BCH payouts in early July—a move that has sent shockwaves through the market. This news raises urgent questions about the immediate future of Bitcoin’s price trajectory. Amidst this market turmoil, several prominent cryptocurrency analysts have weighed in, offering their insights on whether Bitcoin....
Bitcoin has taken 10% back in a dramatic move following the announcement of October CPI data. CPI came in below expectations, causing a melt up in risk assets including cryptocurrencies. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): November 10, 2022 Before suggesting any type of bottom is in, more downside could still be ahead, with this recent movement being nothing more than a bearish retest. Related Reading: Bitcoin Bear Markets Compared: How Much Longer Till The Bottom? | BTCUSD November 9, 2022 Did The Drop Fill Out A Bullish Wedge Pattern? The downward....
Bitcoin price is currently trading at around $23,500 at the time of this writing, up over 30% from lows and 10% for the week. The recovery has brought the weekly RSI out of oversold territory after reaching historical levels. Here is why the setup could be the buy signal bulls have been waiting for, and how the Relative Strength Index currently resembles the last bear market bottom. Weekly Bitcoin RSI Recovers From Historical Oversold Conditions In technical analysis, sometimes less is more. Traders commonly fill a chart with lines or indicators, desperately seeking an edge in the market.....