Bitcoin daily RSI hits 4-month lows, with BTC price still up 70%
BTC price action was at $25,000 the last time that daily RSI was as low as this week.
Bitcoin ( BTC ) is rapidly headed for oversold territory despite still trading above $40,000, the latest data shows.
As noted by analyst Matthew Hyland on Jan. 14, Bitcoin’s relative strength index (RSI) hit its lowest levels since September this week. BTC price RSI echoes $25,000 levels BTC price performance suffered a 15% drop after the launch of the United States’ first spot Bitcoin exchange-traded funds (ETFs) — and has so far struggled to bounce back .
As traders warn of the risk of further downside, the RSI is showing that a reversal may already be near.
On daily timeframes, the classic momentum oscillator dipped to 42.7/100 on Jan. 14 — lower than at any point in the last four months, as confirmed by data from Cointelegraph Markets Pro and TradingView .