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- The 14-day RSI for Bitcoin has reached the 20 level, suggesting that the price is oversold.
- Bitcoin is currently priced at $26,045 according to CMC data and has decreased by 11.33% over the past week.
The cryptocurrency market has experienced significant selling pressure in recent days. Bitcoin’s price has fallen to the $25,000 range. As of this writing, the price has been fluctuating within a narrow range. During this sharp decline, most altcoins have also suffered considerable losses, hitting record lows.
Additionally, Santiment indicates an 8.49% drop in the 30-day moving average of Bitcoin’s market value relative to its realized value (MVRV). This suggests that the current price of the asset is below its intrinsic value. Furthermore, long-term BTC holders remain profitable, as the 365-day MVRV ratio is currently above 5%.
Price Struggles to Gain Momentum
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The 14-day RSI on a daily timeframe for Bitcoin has reached the 20 level, indicating that the price is oversold. This decline brings the current range to its lowest point since the crash in March 2020.
Source: TradingView
Typically, when the RSI reading falls below 30 or enters the oversold zone, it signifies increasing selling pressure. Investors may find it surprising that the indicator often remains in the oversold territory for a longer duration than anticipated.
Source: CoinMarketCap
The price has been consolidating since it briefly rebounded from the $25,411 level. For the price to gain significant momentum, it must surpass the $26,870 level. Conversely, a further decline may occur if the price breaks below the recent support level of $25,710. As of this writing, Bitcoin is trading at $26,045 according to CMC data and has decreased by 11.33% over the last week. Additionally, trading volume has increased by 15% in the past 24 hours.
