Bitcoin's RSI Hits Three-Year Low Amid Price Decline

According to Odaily, Bitcoin's Relative Strength Index (RSI) has reached an extremely 'oversold' state, marking its lowest level in nearly three years. The cryptocurrency has fallen 36% from its all-time high of $126,000 to $80,500, significantly impacting the RSI on higher time frames. On the weekly chart, the RSI has dropped from a local high of 64 in September to the current level of 35. This level was last seen in January 2023, when Bitcoin was trading between $15,500 and $17,000. Analyst Jelle noted that historically, when the weekly RSI hits this level, it is worth paying attention as it may indicate either a nearing bottom or a potential for further significant declines.