Bitcoin (BTC) has reached oversold levels for the first time in 10 months, with its daily Relative Strength Index (RSI) hitting 18. This is the first instance of the RSI dropping below 30 since August 16, 2023. The current RSI level of 24 is close to the previous low of 18.5, which occurred last year before BTC bottomed on June 15 and rallied 28% into mid-July, eventually double-bottoming in mid-September. Analysts suggest that this could be a favorable risk/reward setup for long-term investors, although leveraging could be risky. BTC's momentum is also at a 10-month low.
Is the $BTC bottom in?
In case you forgot: Last year $BTC bottomed on June 15 and promptly rallied 28% into mid-July before double-bottoming in mid-September. Daily RSI reached ~18.5 at that time. Right now it sits at 24. We are close ⌛️ https://t.co/0grK98z4RB
BTC daily RSI is 18. First time below 30 since Aug 16, 2023. IMO, today's prob one of the better r/r setups if you have a year time horizon. Meaning spot buy-and-hold blue chips (ETH, BTC, SOL) Leverage could be dangerous here. Not financial advice.
#BTC momentum hitting 10-month low and oversold levels unseen since August 2023. https://t.co/lJGPhC3wiP
1D BTC RSI hitting oversold for first time in 10 months https://t.co/4oz3XXdx63