I see that Bitcoin's RSI is signaling oversold right now. For those who don't know, this indicator was developed by Welles Wilder and is very useful for identifying when an asset might be overdoing the decline.



The RSI basically works like this: when it drops below 30, it usually indicates that the asset is heavily sold and may recover. Above 70 is the opposite - a sign of overbought conditions. Now with Bitcoin around 81.26K, we're seeing this indicator signal that it might have reached a bottom.

Nothing is ever guaranteed, but these signals from Welles Wilder that he created back then continue to be a reference for most traders. It's worth keeping an eye on the upcoming movements to see if a bullish reaction really happens or if it drops even further.
BTC0.05%
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