Bitcoin's ‘more Reliable’ Rsi Variant Hits Bear Market Bottom Zone...

Bitcoin velocity RSI produced a rare bear market bottom signal as BTC price losses sparked a return to extreme "oversold" conditions.

Bitcoin (BTC) is printing a key bear market bottom signal at $87,000 as analysis says that BTC price history may repeat.

Bitcoin’s velocity RSI metric returns to levels seen only around bear market bottoms.

BTC price action could thus be performing a “major cyclical reset,” says analysis.

The crypto long/short ratio breaks a lifetime habit as Bitcoin tumbles.

In an X post on Tuesday, analyst On-Chain Mind flagged rare single-digit readings on Bitcoin’s velocity relative strength index (RSI) indicator.

Bitcoin bear market comparisons have come thick and fast in recent weeks, but now, a leading BTC price indicator demands a market bottom.

Velocity RSI, which takes into account recent price momentum changes, has now dived below 10/100 to hit some of its most “oversold” levels ever.

“The Velocity RSI on the 3-day chart has just hit its lowest reading since the bottoms of the last 3 bear markets,” On-Chain Mind said.

An accompanying chart showed similar chart setups at the end of Bitcoin’s 2018 bear market, as well as midway through 2022, around six months before the most recent true bear market found its long-term floor.

Source: CoinTelegraph