Bitcoin weekly RSI drops to lowest level since January 2023

Bitcoin's weekly Relative Strength Index (RSI) has fallen to its lowest level since January 2023, according to a Cointelegraph analysis of the Bitstamp BTC/USD chart. The indicator has dropped to 35, a level last seen when Bitcoin was trading between $15,500 and $17,000. Cointelegraph suggests this decline indicates an extremely oversold condition, which has historically preceded price rallies and may signal a short-term reversal. The analysis also noted that Bitcoin's Network Value to Transactions (NVT) ratio suggests the asset is currently undervalued. Meanwhile, crypto analyst Jelle stated that this RSI level is significant, indicating that the market could either be approaching a bottom or be on the verge of a larger decline, describing it as a pivotal moment for traders.