According to TechFlow, Matrixport released today's chart saying that it remains crucial to remain cautious as macroeconomic and geopolitical risks persist and earnings of US technology stocks are less than optimistic.
However, Bitcoin appears to be oversold, with its relative strength index (RSI) falling to 30%. Historical data shows that such low RSI levels usually signal Bitcoin bottoms.
While this is no guarantee that prices won’t fall further, it suggests that the current pace of decline may be slowing. It’s worth noting that the last few times the RSI has fallen to this low, buying opportunities usually occurred within a few days.
