Bitcoin Daily RSI At Most Oversold Level Since April — Time To Buy?
The worth of Bitcoin has been beneath intense bearish strain over the previous week, falling beneath the $110,000 mark on Thursday, September 25. Whereas the premier cryptocurrency has managed to cease bleeding prior to now day, the BTC value has struggled to reclaim the psychological $110,000 stage. Curiously, the most recent readings of a technical evaluation indicator counsel that the Bitcoin value might need simply reached a backside and could possibly be prepared for a rebound.
Has The Bitcoin Worth Reached A Backside?
In a September 26 put up on the X platform, a crypto analyst named after the famend economist Frank Fetter revealed that the worth of Bitcoin might need simply entered a purchase zone. This value projection relies on the relative power index (RSI) indicator on the each day BTC value chart.
Associated Studying
The relative power index is a momentum indicator utilized in technical value evaluation to evaluate the magnitude and velocity at which an asset’s value adjustments. The RSI oscillator is normally used to investigate whether or not a crypto asset (Bitcoin, on this case) is being overbought or oversold, suggesting a potential value or development reversal.
When the relative power index breaks above 70, it usually signifies an overbought market situation, with the asset’s value more likely to face promoting strain. In the meantime, an RSI worth beneath 30 implies that the market is in an oversold situation, with value on the verge of a possible rebound.
In keeping with Fetter, the Bitcoin relative power index on the each day chart has fallen to its lowest stage because the April value backside of $74,000. This value downturn, which was triggered by the tariff battle between the USA and China, noticed the RSI oscillator fall beneath the 30 threshold in March.
Since bottoming out on the $74,000 mark and the RSI low in April, the Bitcoin value has since gone on to set a number of all-time highs. If historical past is something to go by, there’s a likelihood that the flagship cryptocurrency may discover help at its present value and run as much as a brand new excessive.
As of this writing, BTC is valued at round $109,331, reflecting a mere 0.2% soar prior to now 24 hours. In keeping with information from CoinGecko, the premier cryptocurrency is down by greater than 5% on the weekly timeframe.
Crypto Market Enters ‘Concern’ Zone
The crypto Concern & Greed Index is one other sign suggesting a purchase alternative within the Bitcoin market in the mean time. In keeping with the most recent on-chain data from Alphractal, this metric has dropped to twenty-eight, signaling sturdy concern amongst digital asset traders.
Associated Studying
In the meantime, the Concern & Greed Index of the inventory market is at a impartial stage, that means that pessimism has but to hit the standard markets. With the crypto Concern & Greed Index at its lowest stage since April 2025, the divergence from the standard markets suggests potential accumulation alternatives within the digital asset market.
Featured picture from iStock, chart from TradingView
