Bitcoin, the leading cryptocurrency, fell to over $38,000 on Fed’s statements and Russia’s Central Bank’s warnings.
According to Bloomberg Business analysts’ research, Bitcoin’s relative strength indicator (RSI) has touched the “magical” 30-40 range. Generally, when the RSI falls below 40, Bitcoin (BTC) becomes severely oversold. It indicates that bears no longer have the energy to keep the price down. As reported by U.Today, the RSI for key cryptos has been in “oversold” territory since early January.
RSI was invented by stocks and commodities analyst J. Welles Wilder in 1978.
Ethereum (ETH), a second cryptocurrency, hit a two-year low on January 7, 2022. As a result, several experts believe that BTC and key altcoins are reaching the bottom of the current mini-bear market.
Bitcoin (BTC) has dropped more than 10% in the previous 24 hours, momentarily reaching $38,100 on key spot exchanges amid large sell-offs. This is the third most terrible day for cryptocurrency bulls in 2022. According to Coinglass, almost USD 726 million in crypto holdings have been sold in the last 24 hours, with bulls accounting for more than 81 percent of this massive amount.
