This compared to a decline of 20% or more in most other cryptos is pointing to a resurgence of the number one crypto.
Technically Bitcoin’s low today matched the low achieved on Sep. 21st of last year, which represented a pivot point in Bitcoin and was the last low hit before a the all-time high was reached exactly two months later on Oct. 21st. with all the downside in the crypto sector of recent Bitcoin has got to be the safest coin to be in right now and has the best chance of a market reversal from its current price point.
The fear and greed index for Bitcoin is also at “extreme fear” which tends to signal a good point of entry. The RSI for Bitcoin is also pointing to a possible bullish reversal in the coming weeks and months. The relative strength index, according to Investopedia, “traditional interpretation and usage of the RSI are that values of 70 or above indicate that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective pullback in price. An RSI reading of 30 or below indicates an oversold or undervalued condition.” Bitcoin’s RSI currently sits at 30.28.
With outlooks for BTC’s price movement split between bearish and bullish leaning towards bearish there is reason to believe that we may see a bottom come into the market soon. And as far as BTC vs other cryptos BTC is looking like the better pick for traders betting on a reversal.