BTC RSI hits levels last seen in COVID-19 crash, analysis suggests sharp rally

Bitcoin's Relative Strength Index (RSI) has fallen to 17 amid panic selling in recent weeks, a level that suggests the potential for a significant rally beyond a simple rebound, according to an analysis by Coindesk. The report notes that Bitcoin has only been this oversold on two previous occasions: the 2018 bear market bottom, when the RSI hit 9.5, and the March 2020 crash triggered by the COVID-19 pandemic, when it reached 15.6. As of yesterday, Bitcoin's RSI stood at 17.6. Coindesk highlighted that both prior instances were followed by sharp price increases. In 2018, the price more than quadrupled from $3,150 to $13,800 in eight months. Following the 2020 drop, Bitcoin surged from $3,900 to an all-time high of $65,000 in just over a year.