Bitcoin RSI Hits Lowest Level Since November 2018 Amidst Bearish Signals
- Bitcoin‘s RSI (14) hit a low of 30 on June 11, indicating deep oversold conditions.
- BTC rebounded by 2.3% from a session low of $60,914, settling around $62,780 with a market cap near $1.258 trillion.
- Despite the rebound, bearish signals persist as shown by negative indicators from thirteen out of fifteen moving averages.
- Traders are eyeing a potential move towards the $66,000–$68,000 resistance if BTC closes above $64,000 on a four-hour chart.
- The price has declined by approximately 22.85% over the past month and is down 27.93% year-to-date.
Bitcoin’s recent RSI reading indicates significant oversold conditions not seen since November of the same year, suggesting potential for recovery despite ongoing bearish trends in moving averages and price levels below key resistance points.
The market remains cautious as Bitcoin attempts to break through crucial resistance levels while maintaining its current recovery trajectory amidst broader bearish trends.Source)
