Bitcoin Whales Stay Away Even as Technical Indicator Flashes Oversold

Posted on by American Coins & Gold

Bitcoin Whales Stay Away Even as Technical Indicator Flashes Oversold
While bitcoin’s price slide appears overdone on technical charts, demand from whales or large crypto investors remains elusive, signaling a low probability of a quick trend reversal higher.The cryptocurrency’s 14-day relative strength index (RSI), a popular momentum indicator, has dipped under 30, supposedly hitting lifetime lows and representing oversold conditions.An under-30 RSI reading means the market has fallen too fast, and bears may now take a breather, leaving the market rangebound. Bitcoin traded in a sideways manner above $30,000 for several weeks following the previous oversold reading registered on May 20, 2021.”Daily RSI at all-time lows doesn’t mean that bitcoin…