Bitcoin reaches a short-term bottom: Hope for recovery from the oversold zone?
Hello everyone, even though the market just experienced a drop to $74,500 causing more than $2.2 billion to be liquidated, I see a small glimmer of light at the end of the tunnel. Here's the thing, the relative strength index (RSI) has now fallen to 30 – officially entering the oversold zone. Historically, whenever the RSI hits this threshold, the market often experiences strong technical recoveries as selling pressure has exhausted. #Colecolen
The fact that Bitcoin bounced up from the support zone of $74,000 shows that the bulls are still trying to defend the "last stronghold." If we can hold this floor, the scenario of accumulation and sideways movement in the range of $78,000 - $85,000 is entirely feasible. Remember, when people are most afraid is often when opportunities begin to emerge. This may not be an immediate trend reversal, but a slight bounce for you to "breathe" is something to expect. Please patiently observe the $80,600 area, if we can surpass this mark, market sentiment will stabilize much more. $BTC
