Based

Bitcoin ETF

Bitcoin

Time

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/press-release/why-now-is-a-good-time-to-buy-bitcoin-based-on-this-key-metric/">Why Now is a Good Time To Buy Bitcoin Based On This Key Metric – Weekly RSI</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
Bitcoin (BTC) has been on a tear over the past month, rising 26% and breaching the critical $35,000 level.
However, given the scale of Bitcoin’s surge, investors are wondering whether now is a good time to get involved or whether it’s best to wait on the sidelines for a clearer entry point.
This article explores the technical elements of Bitcoin, focusing on the weekly Relative Strength Index (RSI) to gauge whether the current levels present a buying opportunity.
<h2 class="wp-block-heading" id="h-bitcoin-price-up-over-100-ytd-but-will-the-coin-s-momentum-last">Bitcoin Price Up Over 100% YTD – But Will the Coin’s Momentum Last?</h2>
At the time of writing, BTC is trading around $35,260, having posted three bullish weekly closes in a row.
The coin is now at its highest level since May 2022 and is up more than 112% year-to-date (YTD).
According to <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap data</a>, Bitcoin’s market cap has soared above $688 billion, while the <a href="https://alternative.me/crypto/fear-and-greed-index/" target="_blank" rel="noopener noreferrer nofollow">Crypto Fear &amp; Greed Index</a> is sitting firmly in “Greed” territory.
These indicators combine to signal heightened interest and optimism in BTC among investors.
Naturally, after such a strong move, there is speculation whether BTC will pull back or retrace aggressively in the coming weeks.
YouTube analyst Austin Hilton, who boasts an audience of 235,000, <a href="https://www.youtube.com/watch?v=XlWwjMTt74k" target="_blank" rel="noopener noreferrer nofollow">recently released a video on this topic</a>.
In his video, Hilton remarks that Bitcoin’s daily RSI has entered overbought territory, hinting at a possible price correction following its recent rise.
However, Hilton referred to a <a href="https://twitter.com/scottmelker/status/1717126159899525566" target="_blank" rel="noopener noreferrer nofollow">recent Tweet from Scott Melker</a> that is likely to give hope to Bitcoin holders.
Despite the weekly RSI recently exceeding 70, suggesting overbought conditions, Melker recalls a similar situation in 2020.
Bitcoin’s weekly RSI went overbought around $12,000, yet this didn’t stop the coin’s price from surging and hitting $65,000 in the following six months.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/GA-Bm_ohFgqNhv9RUV533QUYYZ9UIRS7p-9j7EjwZy8JTf5SgFvl2r08mo1n6Y8DzbYxZj5eZmIEwBxFRTVebCb2UhG6u7G_iE190N4XQGuEN4_5h_kORLwaH46wIFXvc5pGN5p7N1dXwGkGJwYdt0LVJ-dfiYJt5dEHLd-oKVObleI_t8PK7DLQ3d06XQ" alt="">
</figure>
Notably, this scenario played out at roughly the same time of year – hinting that a similar scenario could be unfolding right now.
This potential trend also aligns with the next BTC halving event, scheduled for April 2024.
Ultimately, Hilton and Melker’s analysis suggests that the weekly RSI metric points to further upward potential for BTC despite the short-term overbought conditions on smaller time frames.
Although BTC may see some sideways consolidation now, both analysts are optimistic that the uptrend will continue – with Melker even indicating that there’s “endless room to run.”
<h2 class="wp-block-heading" id="h-several-bitcoin-themed-alternatives-emerge-amid-renewed-market-optimism">Several Bitcoin-Themed Alternatives Emerge Amid Renewed Market Optimism</h2>
Given the recent price action and momentum for Bitcoin, there are also some intriguing altcoin opportunities emerging that could benefit from the positive market sentiment.
For example, Bitcoin Cash (BCH) has been performing well recently, rising 17% in the past month.
While there’s no direct catalyst for BCH’s surge, the token has traditionally moved in tandem with Bitcoin, benefiting from its momentum.
Another Bitcoin-themed alternative attracting attention is <a href="https://coinpedia.care/b_btcetftoken_49111?referrer=coinpedia---why-now-is-a-good-time-to-buy-bitcoin-based-on-this-key-metric---weekly-rsi" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF Token (BTCETF)</a>.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/Z_E4-Jues5DaNwuPD6cIjaSq7H5DGSOLOL_5L8V86jZ7tUNmUoaPAswjwViFLndsrLr-JrOvwOKvBCORmA0DbUEyAXKaaC3Qgb8UdxMZvv5mN06PN7nhxL8jne83m6oD4XehaPhxSx_p8N075s-en58yHJMCFyeDQrTiORwyskWeBWBbcS9suS9o61qFGg" alt="">
</figure>
As its name implies, <a href="https://coinpedia.org/press-release/can-top-meme-coin-become-top-3-ranked-crypto-and-hit-1-in-2024/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF Token</a> is designed to provide financial exposure to the buzz and anticipation around a spot BTC ETF being approved in the US.
The token’s creators recently launched a presale phase, which raised over $65,000 in its first two days.
Given that BTCETF’s value may be indirectly linked to Bitcoin’s performance, it could offer a speculative opportunity for investors aiming to take advantage of the potential knock-on effects of a spot ETF approval.
Lastly, <a href="https://coinpedia.care/b_btcmtx_43644?referrer=coinpedia---why-now-is-a-good-time-to-buy-bitcoin-based-on-this-key-metric---weekly-rsi" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Minetrix (BTCMTX)</a> is another new altcoin that could be primed to benefit if Bitcoin’s positive momentum continues.
The Bitcoin Minetrix platform features a first-of-its-kind “Stake-to-Mine” mechanism that allows everyday investors to mine BTC and earn rewards simply by staking the native BTCMTX token.
Austin Hilton, the YouTube analyst who provided the earlier Bitcoin weekly RSI analysis, has recommended Bitcoin Minetrix, claiming in a Tweet that <a href="https://x.com/austinahilton/status/1720177495201177602?s=20" target="_blank" rel="noopener noreferrer nofollow">“you have never seen this before”</a>.
These three crypto assets reflect the diverse ways in which the broader market often benefits from movements in Bitcoin’s price.
As such, investors will be keeping a close eye on their progress in the coming days to determine whether they are in line for further growth alongside BTC.

Why Now is a Good Time To Buy Bitcoin Based On This Key Metric – Weekly RSI

Table of Contents

CoinPedia News

Other articles published on Nov 8, 2023

Best Ethereum Wallets of 2023

K33 Research: Bitcoin stability and altcoin rally highlight current crypto trends

Niza Global - Licensed to Operate as Exchange in Few Regions

Turkey’s First Blockchain-Metaverse Expo Fair to be Held in Istanbul

Defensive Moves: XRP Bulls Firmly Shield $0.66 Before Ripple Swell 2023

NEAR backed out from a $11 million stablecoin redemption deal with Wintermute

Join our free newsletter for daily crypto updates!