Matrixport: Bitcoin appears to be oversold, which usually indicates that Bitcoin has reached a bottom

Matrixport released today's chart saying that due to the continued macroeconomic and geopolitical risks and the lackluster earnings of US technology stocks, it is still crucial to remain cautious. However, Bitcoin appears to be oversold, with its relative strength index (RSI) falling to 30%. Historical data shows that such low RSI levels usually indicate the bottom of Bitcoin. While this does not guarantee that the price will not fall further, it indicates that the current pace of decline may slow down. It is worth noting that the recent few times when the RSI fell to this low point, buying opportunities usually appeared within a few days.