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James Carter

January 22, 2023

Bitcoin Market Fluctuations: RSI Points to Upward Trend Like 2018

Bitcoin is set to grow a lot on the market because conditions are similar to what they were after the tough bear market of 2018.

Based on the most recent study, BTC/USD is going to go up. Its Relative Strength Index shows a bullish outlook after a short period of adjustment.

Crypto Wolf, a crypto trader, says that $BTC’s weekly Relative Strength Index showed an unusual bullish discrepancy. He also said that this had never happened before in the history of bitcoin. “The technicals were there, and the graphs showed a floor, but most people were still bearish as usual.”

The RSI is a popular tool for technical analysis that looks at the price movement of an asset to see if it is overbought or oversold.

If the RSI is over 70, it means that the asset has been bought too much and is likely to go down. If the RSI is below 30, it means the asset has been sold off too much and is likely to go back up.

BTC reveals a sign of consolidation

Bitcoin is going through a renaissance similar to what happened at the end of its last bear market in early 2019.

The RSI is at 87, which means that it has been bought too much and may soon start to go down. This should give investors a chance to buy Bitcoin at the beginning of what could be a new bull run.

Experts have been expecting this for a long time, and with the RSI proving that it was real, it had reached its highest level since the beginning of 2021, long before BTC/USD hit new highs of $58,000 (April) and $69,000 (June) (November).

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So far, the RSI is following the same pattern as 2018’s bear market for bitcoin. This could mean that a new bull run is about to start, so investors should take advantage of this while it lasts.