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Bitcoin remains at $38,000, “oversold” RSI gives hope

 


The Relative Strength Index is increasingly suggesting that BTC may be poised for a turnaround soon.


Bitcoin ( BTC ) is moving back around the $38,000 mark today, January 30, which could give the weekend a positive ending after all.


Weekend with little meaningfulness

Accordingly, data from Cointelegraph Markets Pro and TradingView showed that BTC/USD rallied back to $38,000 on Sunday, with an interim daily high of $38,740.


Despite the strong performance at the end of the week, the crypto experts are not yet completely convinced that the market-leading crypto currency has found its way back to its old strength.


"Bitcoin is still a bit bumpy," is how Cointelegraph expert Michaël van de Poppe assesses the current situation . To which he adds:


“Let's see if $37,000 holds first, if not then we'll probably retest recent lows, if it does then a bounce to above $38,500 is possible. The weekend is usually not very meaningful.”

Nonetheless, on the price chart, BTC/USD appears to be slowly recovering from this week's crash below $33,000 .



Crypto investor Bob Loukas sees a first indication of a new upswing in the fact that the crypto market leader was recently able to close above the 10-day moving average (10-day MA) several times.


However, a weekly close at the next major resistance of $39,600 looks out of reach.


“The crypto market is packed with investors waiting for a breakout. When is the best time to entice them with a short-term upswing? That's right, over the weekend," crypto analyst Cantering Clark warns skeptically .


RSI gives investors hope

His colleague Matthew Hyland meanwhile refers to the Relative Strength Index (RSI) for Bitcoin, which paints a hopeful picture for further price development.


The RSI is so "oversold" in several time horizons as it was last during the Corona crash in March 2020.


To explain: The RSI indicator shows how much the Bitcoin price is "overbought" or "oversold" at a certain point in time. From this it can in turn be deduced whether a respective trend will be maintained or is about to end.


So, thanks to the recent uplegs, the RSI now appears to be moving into areas that suggest an imminent end to the multi-month downtrend since November.



"The last two eruptions have each led to massive climbing over the past year," as Hyland summarizes optimistically.

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