🔥 Has the Bitcoin bull run returned... or is it just a scam?
RSI (Relative Strength Index) is giving mixed signals.
Since mid-April, Bitcoin has experienced significant volatility — after dropping below $85,000, it reached as high as $104,700. Especially through BTC ETFs (exchange-traded funds), there has been an improvement in investor behavior in the crypto market, leading to a new investment trend.
Interestingly, the world's largest cryptocurrency is showing some fatigue, especially as it failed to break out of the $102,000 to $105,000 range last week. This sluggish price movement raises questions about the recent optimistic gains.
Tony Severino, a certified market technician (CMT), shared an interesting analysis of Bitcoin's price behavior on 'X' (Twitter). According to him, the recent price movement of BTC lacks the typical technical patterns associated with any strong bullish momentum.
This observation is based on the fact that the daily RSI (Relative Strength Index) on the Bitcoin chart is not showing a specific pattern. RSI is a popular technical indicator used to assess the momentum and strength of price fluctuations in an asset.
The primary purpose of RSI is to determine whether a crypto asset is overbought or oversold in the market.
• If RSI is below 30, it indicates that the asset is oversold, meaning the price has dropped too much and could rise now.
• If RSI is above 70, it indicates that the asset is overbought, meaning the price has risen too much and could fall.
Currently, the price of BTC is approximately $103,676 and there has been no significant change in the last 24 hours. This sluggishness reflects the overall market performance of last week. According to CoinGecko, BTC's price has only increased by 0.8% in the past 7 days.