Crypto

Bitcoin Witnesses The Lowest Monthly RSI at $24K BTC Price

The Bitcoin witnesses the lowest monthly RSI ever as the king currency dipped to less than $24K

The market of cryptocurrencies are in real mess since the last couple days, also, the Bitcoin (BTC) price dipped to prices which never been seen since December 2020. The data shows that the RSI index is pointing at the lowest point ever.

The BTC analyst and the Bitcoin Stock-to-Flow (S2F) model, PlanB creator, explained the currency bearish situation, outlining that the monthly RSI of BTC is at its lowest point recorded ever.

The lowest recorded level was in January 2019 as it reached the 43.7 level at that time when the king of cryptocurrencies was trading at $3400, and the monthly RSI clocked in at 43.9. Before that record, the lowest point was in January 2015, when Bitcoin (BTC) was trading at $210 and the monthly RSI was at 44.6.

The RSI or the Relative Strength Indicator is a momentum indicator which measure the magnitude of recent price changes to analyze overbought or oversold conditions in an asset.

the other factor to truly consider after the current dip in the Bitcoin (BTC) price is the addresses profiting number from their BTC positions.

The latest data from the analytics provider IntoTheBlock states that at prices less than $24K, just 46.58% of the addresses which hold BTC are in the money.

Even though, the market cap of the total cryptocurrency market has dropped to below$1 trillion earlier this day.

By the time of writing this article, the cryptocurrency is trading at $23,356.34 in blood red.

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