This supports the idea of BTC being in oversold conditions right now, with holders selling their coins rather than buying. Related Reading: Bitcoin Price Forms This Bullish Pennant On Daily Chart That Could Trigger Rise To $137,000 Crypto analyst Ali Martinez recently revealed that whales have been taking profits during the recent Bitcoin rally, offloading over 29,000 BTC since April 9.
The analyst cautioned that he wasn’t discussing whether Bitcoin is in a bull or bear market or where it is headed, but simply clarifying the misconception about oversold and overbought RSI. BTC’s Supply Overwhelming Demand At The Moment In an X post, CryptoQuant CEO Ki Young Ju revealed that Bitcoin’s supply is currently greater than its demand at the moment, providing a bearish outlook for the flagship crypto.
Cat stated that Bitcoin entering oversold levels is "super-bearish” and overbought levels are "super-bullish.” He explained that for the oscillator to reach oversold values, it means that the price action has been extremely bearish, indicating why investors are selling their holdings. Why Bitcoin Entering Oversold Levels Is Bearish The crypto analyst further remarked that Oscillators are range-bound indicators, so they can’t go beyond 0 and 100, as they are limited by their mathematical formulas.
The story "Bitcoin Enters Oversold Levels, Analyst Warns This Is Bearish, Not Bullish" has 453 words across 67 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Bitcoin Enters Oversold Levels, Analyst Warns This Is Bearish, Not Bullish" was covered 23 hours ago by NewsBTC, a news publisher based in United Kingdom.
How trustworthy is 'NewsBTC' news outlet?
NewsBTC is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United Kingdom and publishes an average of 4 news stories per day.
It's most recent story was published 8 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
