Bitcoin (BTC) RSI Declines Below $62,000, Displaying a Buying-Dip Chance

The chief crypto token Bitcoin is currently well below its all-time high. In terms of its daily Relative Strength Index, the token has reportedly entered

Bitcoin price is currently trading far from its all-time high. But as far as the daily Relative Strength Index of the token is concerned, it has reportedly entered the oversold zone 3 times in the last 2 years, making way for huge price rises.

Prominent crypto analyst Ali Martinez recently discussed the current situation of Bitcoin in comparison with the historical data. The expert took to his official account on the social media platform X to provide the latest insights.

RSI of Bitcoin Drops below $62,000, Displaying a Buying-the-Dip Chance

As per the analyst, the current market position of Bitcoin displays a promising chance for investors to buy the dip as the crypto token may potentially see a significant price surge.

In his recent X post, the analyst highlighted the decline in the regular Relative Strength Index of Bitcoin. As per him, similar events have taken place 3 times in the last 2 years. Following those dips, the crypto token rose to a significant extent.

In one of these episodes, the price of the top crypto coin jumped by 60%. However, in the other two instances, it soared by 63% and 198% respectively. The respective historical pattern signifies a resilient link between the RSI decline into the oversold zone and the following price rises. Therefore, the current dip also provides a good opportunity for those who pursue purchasing BTC tokens at lower rates.

Analyst Doubles Down on Potential Price Hike after This Dip

This echoes the bullish point of view of Wold of All Streets (another famous crypto analyst). The analyst reportedly highlighted the significance of the 2 chief moving averages in the price patterns of Bitcoin. According to him, breaching its 50-day MA points toward a likely shift in Bitcoin’s price movement.

Since touching the $28,000 mark in terms of price, Bitcoin has persistently stood above its 200-day MA. This also expresses strong support against additional drops, persuading the investors to purchase the dip.

In general, long-term BTC investors have reportedly obtained massive rewards in recent years. During the past 5 years, the token spiked by up to 330%. This trend has continued over the last decade.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-rsi-declines-displaying-buyingdip-chance.html

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