Bitcoin RSI Comeback: $40K BTC Price Soon?

Bitcoin RSI Comeback: $40K BTC Price Soon?
  • Bitcoin RSI has inspired various suggestions from crypto analysts.
  • In the last 24 hours, Bitcoin was almost overbought.
  • An RSI indicates whether an asset is overbought or oversold.

Bitcoin’s Relative Strength Index (RSI) recently became a hot topic in the crypto space. This was when price analysts Lark Davis and PlanB mentioned Bitcoin’s interesting movement in terms of the mentioned price indicator.

Davis noted that in the 1-day chart, Bitcoin saw a similar trend in which it bounced back by +130% after hitting a prolonged downtrend in RSI. He said that Bitcoin’s RSI is in the same pattern at the moment.

Meanwhile, PlanB, the one who made the Stock-to-Flow (S2F) price model, said that Bitcoin could either have a bullish reversal or a bearish nosedive soon.

However, Bitcoin’s current price movement is showing some bullish strength manifesting. In fact, the price has briefly touched the $38,700 price mark in the last 24 hours. Also, Bitcoin price is currently trading at $38,379.31, which is a 1.6% daily increase, according to CoinGecko.

Bitcoin 1-hr chart RSI (source: TradingView)

Meanwhile, Bitcoin price has barely hit the RSI value of 70. Specifically, this means that Bitcoin was close to being overbought in the last 24 hours. This also shows that buying interest has surged among investors and traders.

In various financial markets, many consider the RSI as a strong indicator of potential rallies, especially if backed with other trends and indicators. The RSI indicates whether an asset is overbought or oversold.

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