The RSI provides contradictory signals. In the last month, the value of Bitcoin has fluctuated from a low of $85,000 to a high of $104,700, creating a high volatility experience since mid-April. Especially through Bitcoin exchange-traded funds (ETFs), the largest cryptocurrency market has observed a positive shift in investor perception, as well as a new injection of capital. 🧠💸📌
🤔Interestingly, the leading cryptocurrency appears to be showing signs of exhaustion, particularly after several failed attempts to break out of the consolidation range of $102,000 to $105,000 in the previous week. This relatively slow price movement has raised doubts about the sustainability of the recent optimistic surge. 🫰🏾
Tony Severino, a certified market analyst🧐 (CMT), used the X platform to provide an interesting analysis of Bitcoin's price evolution over the last two weeks. According to the cryptocurrency analyst, the price of BTC may be lacking traditional technical behavior, typically associated with significant bullish movements. 🍀🎯
This discovery is supported by the recent behavior of the daily relative strength index (RSI) on the Bitcoin price chart. In technical analysis of price, the relative strength index serves as a momentum indicator that helps forecast the speed and magnitude of price fluctuations of an asset. 🍀🍀
Commonly used to indicate a potential trend or a reversal in prices, the RSI oscillator allows for the assessment of whether a cryptocurrency asset is in an overbought or oversold situation. A relative strength index value below 30 indicates an oversold state, while an RSI score above 70 often suggests an overbought market environment. 🔥🍀🎯
At this moment, BTC has an approximate value of $103,676, without showing significant price fluctuations in the last 24 hours⌚. The inactivity of the previous day highlights the performance of the leading cryptocurrency over the past week. According to data from CoinGecko, in the last week, the price of Bitcoin has had a slight increase of 0.8%. 💸💸
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