Matrixport: Bitcoin is oversold, and the current RSI indicator has reached the level of historical bottom signals for Bitcoin

ChainCatcher news, the digital currency research company Matrixport released an analysis chart stating that due to ongoing macroeconomic and geopolitical risks, as well as poor earnings expectations for U.S. tech companies, it remains crucial to stay cautious. However, Bitcoin appears to be oversold, with its RSI reaching 30%.

Historically, such a low RSI level has often been a bottom signal for Bitcoin. While this does not guarantee that prices won't decline further, it suggests that the current rate of decline may slow down. Notably, after the RSI reached such low points in recent times, buying opportunities emerged within a few days.