The cryptocurrency market has been in a shambles over the past few days, with the price of bitcoin falling to levels seen since December 2020. The data shows that the Monthly Relative Strength Index (RSI) is at its lowest point.
- Popular BTC analyst and creator of the Bitcoin stock-to-flow (S2F) model, PlanB, repeated Current bearish sentiment indicates that the monthly RSI for BTC is at its all-time low.
- Sitting at 43.7, the last time it was close to a low was in January 2019, when BTC was trading at $3400, and the monthly RSI closed at 43.9. Earlier – the next low was in January 2015, when BTC was trading at $210 and the monthly RSI was at 44.6.
- The relative strength indicator (RSI) is a momentum indicator that measures the magnitude of recent price changes to analyze overbought or oversold conditions in an asset.
- Another factor to consider after the recent drop in bitcoin price is the number of addresses profiting from their BTC positions.
- data from analytics provider IntoTheBlock Turns out that at a price of slightly less than $24K, only 46.58% of the addresses holding BTC are in the money.
- That said, the total cryptocurrency market capitalization fell below $1 trillion as of BTC earlier today, while the altcoin, charts multi-month lows.
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