BTC forming bear market bottom signal

An on-chain indicator that has historically marked BTC's bear market bottoms is now forming, Cointelegraph reported. The report points to the two-month stochastic Relative Strength Index (RSI), a metric more sensitive to price changes than the standard RSI. Historically, BTC has bottomed out whenever this indicator dropped to zero following a bullish cross, a pattern observed in 2014, 2018, and 2022. The two-month stochastic RSI is currently at 4.81, its lowest level in approximately three years since entering oversold territory last March. Cointelegraph also highlighted that the standard daily RSI's drop to 15 in early June was a historically rare and extreme event, noting that the current price action, with a temporary dip below the low, resembles the bottom formation of 2015.