Cryptocurrency markets have been in decline over the past couple of days and the price of bitcoin has fallen to levels not seen since December 2020. The data shows that the monthly Relative Strength Index (RSI) is at its lowest level… ever.
- Popular BTC analyst and creator of the Bitcoin Stock-to-Flow (S2F) model, PlanB, repeated current bearish sentiment indicating that BTC’s monthly RSI is at its lowest level ever.
- At 43.7, it was last close to this low in January 2019 when BTC traded at $3,400 and the monthly RSI was 43.9. Prior to this, 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 whether an asset is overbought or oversold.
- Another factor to consider after the last bitcoin price drop is the number of addresses profiting from their bitcoin positions.
- Data from an analytics provider vBlock shows that at prices just under $24k, only 46.58% of addresses holding BTC are in the money.
- However, the capitalization of the entire cryptocurrency market has fallen below $1 trillion today as BTC, like altcoins, hit multi-month lows.
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Credit : cryptopotato.com