Bitcoin weekly RSI falls to the most oversold levels since $15K BTC price
Bitcoin's weekly RSI hit its most oversold levels since early 2023, suggesting a potential short-term price reversal, though some analysts warn of further declines.Summary
Bitcoin's weekly Relative Strength Index (RSI) has dropped to 35, levels not seen since January 2023 when BTC traded around $15,500-$17,000, indicating extremely oversold conditions that historically precede price rallies.
Analysts are divided: some, like Jelle, suggest this level signals a potential bottom or imminent bounce, while others, like Lark Davis, point to past bear markets (2018 and 2022) where similar oversold readings were followed by significant further price drops.
Furthermore, on-chain data from CryptoQuant shows Bitcoin's Network Value-to-Transaction (NVT) Golden Cross is near historically depressed levels, suggesting the network is structurally undervalued at the current price, supporting the case for accumulation despite short-term volatility.
(Source：Cointelegraph)