The RSI "Relative Strength Index", one of the most popular technical indicators in market analysis, has again reached the extremely low values observed in March 2020, caused by the global crisis.
The Relative Strength Index (RSI) is often used to identify current conditions in the market and indicate reversal points when the price reaches oversold or overbought values. Also, the indicator detects the divergences against the price chart and then detects if the trend on the asset has reversed. But the differences can be considered as an additional way to use the indicator. Looking for oversold or overbought levels is the main way to use the RSI.
While the RSI can provide clues about the upcoming move in the future, its signals are generally considered short-term. Almost every reversal signal based on the RSI remains active until the values of the indicator enter the neutral zone.
During the last drop in March 2020, the RSI below 25, Bitcoin almost instantly reversed to reach a high of $10,000. However, the indicator predicted a short-term reversal. In the context of the data it provided, RSI did not suggest that the cryptocurrency could see new ATH in the next few months.
In this context, according to daily chart data, the RSI has dropped below 20, giving signals of oversold. Although the necessary environment has been prepared in order to expect a return from this point, the market has not yet determined a direction.
BTC Price Live Data
The live Bitcoin price today is $34.813,61 USD with a 24-hour trading volume of $25.184.978.469 USD. Bitcoin is down ,68% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $659.297.258.823 USD. It has a circulating supply of 18.937.918 BTC coins and a max. supply of 21.000.000 BTC coins.