Investment strategist Raul Pal has decided that the Bitcoin Relative Strength Index, or RSI, has recently fallen to levels not seen since the Black Thursday crash in March 2020.
Global Macro Investor and CEO of Real Vision Group also indicated that Bitcoin’s weekly RSI broke down to levels similar to the levels of corrections made during the “first leg of the 2017 bull run before Bitcoin hit its final level.” …
The observation came after bitcoin plunged nearly 15% over the weekend, when bitcoin fell from $ 55,000 and found support around $ 47,250 on Sunday, according to TradingView.
– A correction in emerging markets is an opportunity, not a threat, Pal added.
Analytics provider Glassnode also pointed to the depth of the collapse across the chain, reporting that on April 25, the number of lost bitcoin addresses reached a nine-month high of 6.4 million. advantage.
Markets seem to agree with Pal’s claim that Bitcoin has delayed recovery as BTC jumped 11.5% within six hours after reaching a local low of around $ 47,000 today.
Referring to Glassnode charts, analyst William Clemente III noted that $ 88.7 million was settled during early Asian trading on Monday morning when the market went up.
Despite a sharp rebound, Bitcoin fell 27% from its high on April 14 at $ 65,000. As a result of the downturn, Bitcoin’s dominance fell to 50%. BTC’s market share last fell below 50% in July 2018, according to TradingView.