Prominent virtual currency analyst The Wolf of All Streets tweeted that he was studying the Bitcoin (BTC) exchange rate chart. He drew readers’ attention to a very rare trend in the Relative Strength Index (RSI); based on four-hourly data, the expert said “the RSI has moved from significantly overbought to oversold.”
According to him, this is a fairly standard trend on the one hand. Surprisingly, however, this event occurred “without any change in the price of BTC.” The expert explained the data in the chart as follows
According to technical analysis, an RSI over 70 indicates that a particular digital coin is oversold and therefore a bearish reversal is inevitable. The opposite is true for 30-year olds and below: on February 9, 2023, BTC’s RSI was 39. This could be the beginning of an accumulation phase for crypto assets.
Analysts noted that the cryptocurrency Bitcoin has garnered a lot of attention since the beginning of the New Year. In fact, it is not only the largest digital coin by market capitalization, but also the asset with more dominant influence than all other coins and tokens.
The price of digital gold is up 30% since January 1, 2023. Thus, growth has contributed to the narrowing of losses since the end of last year. Many experts were positive about the outlook for the market’s flagship product. Bitcoin’s Greed and Fear Index returned to neutral values for the first time in a long time.
On February 9, 2023, at 7:45 PM Moscow time, the cryptocurrency Bitcoin traded at $22, 549, down 1.3% from the previous day. Market supply was $4, 34.89 billion.