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Bitcoin (BTC) has decreased by more than 10 % in the past two weeks, as it has decreased from about 98,000 dollars to about 86,000 dollars at the time of writing this report. The high sale pressure pushed the leading cryptocurrency to the sales levels that you have not seen since August 2024.
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According to x mail Through veteran encryption analyst Ali Martinez, BTC entered into the sale conditions that he had not seen since August 2024. In particular, the RSI index of Bitcoin has decreased to the lowest level in the past seven months.
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For beginners, RSI measures Bitcoin momentum on a scale from 0 to 100, with values that exceed 70 of the conditions that indicate its negotiation and 30 indicates excessive levels. According to the next scheme, the RSI of BTC retreated to less than 30, indicating that digital assets may be large sums.
It is worth noting that the last time BTC was this excessive group – in August 2024 – it increased prices of 33 %, which prompted digital assets from $ 49,000 to $ 64,000 in two weeks. A similar path today can pay BTC to about $ 110,000.
The famous encryption investor, all street wolf had similar ideas about the information index in Bitcoin. The investor shared the next graph for 4 hours, Saying:
The bullish difference with Overood RSI is still in play. Currently, the RSI is still making low. We need to see a clear “elbow” on the next candle to confirm. Nothing here yet.
Meanwhile, Rekt Capital Expected It may be an additional negative aspect for BTC. The analyst confirmed that BTC is close to filling the Chicago Mercantile Exchange (CME) between $ 78,000 to $ 80,700, which was created in November 2024.
For unprecedented, the CME gap indicates the difference in the price between the last Bitcoin trading price on CME before the weekend and its price when the market is reopened. Bitcoin is often believed to fill these gaps as part of the natural market correction, as the gap works as a level of price subsidies or resistance.
Mixed opinion on the work of the BTC price
The decline in the last encryption market led to the division of opinions between the two analysts. For example, the recent Glassnode analyst He said The possibilities of being in the bear market are “not great”.
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Likewise, the modern analysis conducted by André Dragosh, head of European research at BitWise, Indicate BTC may be less than its current market prices. On the contrary, Standard Charterd Expected There may be a 10 % decrease in the BTC price.
Although the opinion on the manufacture of bitcoin in the short term may be divided, the long -term ups of the digital origin may be remains connected. At the time of the press, BTC is trading at $ 84,963, a decrease of 2.4 % over the past 24 hours.
A distinctive image of Unsplash, X and TradingView.com plans
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