Bitcoin Reverses!
After a 22% downturn Bitcoin (BTC) reverses at the $19,500 and is currently heading higher.
The Details: Over the last two weeks, Bitcoin experienced a significant downturn, dropping by more than 20%.
The Relative Strength Index (RSI) reached oversold levels for the first time since the FTX-induced crash of November 2022.
The RSI is a technical indicator that measures the strength of an asset's price action. When it reaches oversold levels, it suggests that the asset may be undervalued and due for a rebound.
Bitcoin Still Bullish?
As soon as the RSI became oversold, buyers came in and pushed up the price of Bitcoin by 15%. This helped Bitcoin rise above the $21,500 level, which is an important resistance level for the asset.
The lowest level BTC reached in this short-lived downturn was $19,500, which is the midpoint between the two essential levels of $21,500 and $18,000.
This also means that the asset is still rather bullish. Therefore, we can expect further gains in the near future.
Bottom Line: In conclusion, Bitcoin experienced a significant downturn over the last two weeks but has since rebounded and is still rather bullish.
