Crypto

BTC Price Drops to $34,000 as Bitcoin RSI Hits Highest Sell-Off Since March 2020 Crash

Bitcoin (BTC) refused to cover the latest losses on January 22 as predictions of $33,000 and fewer break-ins came true.

BTC/USD 1 hour candlestick chart (bit stamp). Source: Business view.

Open interest “not yet elected”

Data from Cointegraph Markets Pro and Trade View BTC/USD traded down $35,000 in the first half on Saturday.

With the bulls holding a silver lining, the weekend low was poised to offer some classic random moves post Bitcoin. It lost $40,000 support on Friday.

Some, including El Salvador, made extensive use of the new lower levels, while others expressed concern that there was still pressure on the bulls, despite the drop.

“The crazy zone open interest hasn’t gone away yet,” William Clemente, Trader and Analyst. In short, one of many market participants points out that derivatives traders are still trying to fight the trend.

“The absolute level of this background of slaughter and panic is not a negative for Giga anyway. mocked.

Bitcoin futures financial chart (Binance). Source: Coinglas.

RSI heading for government decline in March 2020

There has been little relief in the form of Bitcoin’s Comparative Strength Index (RSI), which is at its lowest level since March 2020.

Related: Here are 3 ways the Relative Strength Index (RSI) can be used as a sell signal

At that time, BTC/USD fell to $3,600 before making a comeback, which will last into next year.

The daily RSI was already at 20 on Saturday Very low Even the classic “Oversold” zone.

BTC/USD 1-day candlestick chart (RPI) with RSI. Source: Business view.

“Slightly more reliable than Bitcoin -> Total market cap is at upper support level while daily RSI hits lowest level since March 2020,” Cointelegraph contributor Michaël van de Poppe commented on InConjuncture.

“Stock market sentiment is also very low after March 2020. That says it all. »

Stock markets were bullish over the weekend, with tech stocks once again showing the extent of their positive correlation, particularly in the Fire and Crypto series.

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