Bitcoin has fallen by 2.5% in the last 24-hour period, falling to $ 29,685. For bitcoin, which has been in a bearish period for a long time, it is a matter of curiosity where the area where it will start its upward movements.

Looking at the long-term Bitcoin/USD chart, we can see that the downtrends are shorter than the bullish ones. Bitcoin, which has dropped more than 80% in the previous bear seasons, has not dropped that much yet. However, the current RSI level is very close to the RSI level, which started the rise between August 2015 and December 2017, and the RSI level, where the rising period from the beginning of 2019 to the beginning of 2021 started.

BTC rsi

The RSI level of Bitcoin, which will close the month of June with a loss for 3 months if it closes in the red, has not yet dropped as much as other seasons, but according to many analysts, it is at possible return levels.

In addition, the RSI level on Bitcoin's weekly chart is very close to the weekly RSI levels where the previous rises started. RSI, also known as the relative strength index, was developed by the American J. Welles Wilder in 1978. RSI works as an indicator showing overbought-sold regions.

New York Governor: No Regrets!

New York Mayor Eric Adams said that the decision to take a salary with crypto is a move that aims to show New York's commitment to the crypto industry and he has no regrets about this decision.

Eric Adams new york

Noting that he lost about one hundred thousand dollars when the stock market crashed, Adams also emphasized that this decrease and loss of value is not only in Bitcoin. “Markets always go up and down. “Bitcoin is permanent and will not go anywhere,” he said.

Of course, the Governor of New York wasn't the only one who agreed to receive payments in crypto. Some athletes, including NFL player Aaron Rogers and Nascar driver Landon Cassill, have made the decision to receive some of their payouts in crypto.