New BTC

Bitcoin

Read

Time

<ul>
 <li>Bitcoin’s RSI hits oversold levels; analysts predict potential price surge.</li>
 <li>Historical RSI instances preceded 60%, 63%, and 198% price surges.</li>
 <li>Technical support levels (50-day and 200-day MAs) favor Bitcoin resilience.</li>
</ul>
<p><a href="https://cryptonewsland.com/koreas-top-trader-experiences-significant-loss-after-bitcoin-market-liquidation/" rel="noopener noreferrer nofollow">Bitcoin recently </a><a href="https://cryptonewsland.com/koreas-top-trader-experiences-significant-loss-after-bitcoin-market-liquidation/" target="_blank" rel="noopener noreferrer nofollow">dipped</a> below the $62,000 mark, sparking both concern and opportunity among investors. While market volatility persists, analysts believe that now might be the right time to consider buying Bitcoin.&nbsp;</p>
<h2 class="wp-block-heading" id="h-reasons-behind-analysts-sentiments-nbsp">Reasons Behind Analysts’ Sentiments&nbsp;</h2>
<p>One of the reasons for this bullishness lies in the historical performance of the Relative Strength Index (RSI). Renowned <a href="https://twitter.com/ali_charts?lang=en" target="_blank" rel="noopener noreferrer nofollow">crypto analyst Ali Martinez</a> highlights that Bitcoin’s daily RSI has touched oversold territory only three times in the past two years.&nbsp;</p>
<p>Remarkably, each of these instances preceded significant price surges: 60%, 63%, and a staggering 198%, respectively. The RSI, a momentum oscillator, measures the speed and change of price movements.&nbsp;</p>
<p>Readings below 30 signals that an asset is oversold, potentially leading to a price bounce. Given Bitcoin’s current RSI level and its price dipping below $62,000, some experts believe this could be a prime opportunity to buy the dip.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">In the past two years, the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> daily RSI has hit oversold territory three times, resulting in <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> price surges of 60%, 63%, and 198%, respectively. <br><br>With <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> now below $62,000 and the RSI in oversold territory again, it might be a prime opportunity to buy the dip! <a href="https://t.co/JkJ4IgoeML" rel="noopener noreferrer nofollow">pic.twitter.com/JkJ4IgoeML</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1805193032477679903?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 24, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Additionally, technical support levels have played a crucial role in Bitcoin’s price history. The 50-day and 200-day moving averages (MAs) are particularly significant.&nbsp;</p>
<p>Recently, Bitcoin revisited range lows around $60,000—a critical support level. <a href="https://www.thewolfofallstreets.io/" rel="noopener noreferrer nofollow">The </a><a href="https://www.thewolfofallstreets.io/" target="_blank" rel="noopener noreferrer nofollow">Wolf</a><a href="https://www.thewolfofallstreets.io/" rel="noopener noreferrer nofollow"> of All Streets</a>, another prominent analyst, points out that the 50 MA was breached days ago, while the 200 MA is positioned around $57,000.&nbsp;</p>
<p>Moving averages smooth out price data over specific periods. The current alignment of moving averages suggests resilience in Bitcoin’s price despite recent fluctuations.</p>
<p>Beyond technical indicators, fundamental factors also favor Bitcoin. For instance, Bitcoin’s fixed supply—capped at 21 million coins—creates scarcity, akin to precious metals like gold.&nbsp;</p>
<p>While <a href="https://cryptonewsland.com/another-correction-slaughters-bitcoin-and-crypto-market/" rel="noopener noreferrer nofollow">the general crypto market </a><a href="https://cryptonewsland.com/another-correction-slaughters-bitcoin-and-crypto-market/" target="_blank" rel="noopener noreferrer nofollow">dips</a>, these three reasons suggest that now could be the time to buy Bitcoin. However, ensure to conduct thorough research and make informed decisions based on your risk tolerance and investment goals.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also&nbsp;</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/xrp-prints-bullish-candle-formation-as-altcoins-prints-bottom-amidst-oversold-call-altseason-steps-closer/" rel="noopener noreferrer nofollow">XRP Prints Bullish Candle Formation as Altcoins Prints Bottom Amidst Oversold Call, Altseason Steps Closer &nbsp;</a></li>
 <li><a href="https://cryptonewsland.com/xrp-set-for-meteoric-rise-expert-predicts-10-price-target/" rel="noopener noreferrer nofollow">XRP Set for Meteoric Rise: Expert Predicts $10 Price Target</a></li>
 <li><a href="https://cryptonewsland.com/analyst-unveils-positive-xrp-outlook-support-threshold-at-0-60/" rel="noopener noreferrer nofollow">Analyst Unveils Positive XRP Outlook: Support Threshold at $0.60</a></li>
 <li><a href="https://cryptonewsland.com/3-reasons-why-the-crypto-market-is-in-bear-territory/" rel="noopener noreferrer nofollow">3 Reasons Why the Crypto Market Is in Bear Territory</a></li>
 <li><a href="https://cryptonewsland.com/35x-portfolio-unexpected-altcoins-picks/" rel="noopener noreferrer nofollow">35X Portfolio: Unexpected Altcoins Picks</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/time-to-buy-bitcoin-suggests-analyst-as-rsi-hits-oversold-levels-new-btc-ath-soon/" rel="noopener noreferrer nofollow">Time to Buy Bitcoin Suggests Analyst as RSI Hits Oversold Levels, New BTC ATH Soon?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Time to Buy Bitcoin Suggests Analyst as RSI Hits Oversold Levels, New BTC ATH Soon?

Зміст

Crypto News Land

Інші статті, опубліковані 24 черв. 2024 р.

Bitcoin Plunges Below $60K, Ethereum, Dogecoin Follow Down, But...'July Is Historically Bullish,'...

Stake, Play, and Earn: MemeVerse Introduces $MVO Token Presale

Impressive Gains in Render Network Q1 2024 Performance

South Korean think tank cautions against crypto ETFs

An Interview With Fuel Labs

Cardano's Future Brightens with SundaeSwap V3 Launch

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!