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Bitcoin price drops to $ 34K as Bitcoin RSI reaches highest sales since March 2020 crash


Bitcoin (BTC) Refused to cover the latest losses on January 22 because the predictions that the flight would be $ 33,000 and less would come true.

BTC / USD 1 hour candle chart (bitstamp). Source: TradingView.

Open interest “not yet plucked”

Data from Cointegraph Markets Pro And Trade view BTC / USD traded lower by $ 35,000 in the first half of Saturday.

Since the bulls have some silver lining, the low weekend level was ready to deliver some classic random moves after Bitcoin. Lost $ 40,000 support On Friday.

Some, including El Salvador made extensive use of the new lower levelsOthers expressed concern that there was still pressure on the bulls, despite the fall.

“Crazy Area Open Interest Has Not Been Purified Yet,” William Clemente, Trader and Analyst In shortOne of the many market participants points out that derivative traders are still trying to combat the trend.

“The absolute level of this massacre and panic fund is not negative for Giga anyway. Teased.

Bitcoin futures financial chart (Binance). Source: Coinglas.

RSI is heading towards the March 2020 Govt decline

There has been little relief in the form of the Bitcoin Comparative Strength Index (RSI), which has been at its lowest level since March 2020.

Related: Here are 3 ways Relative Strength Index (RSI) can be used as a sales signal

At that point, the BTC / USD fell to $ 3,600 before making a comeback, which will last until next year.

The daily RSI was already at 20 Saturdays Well down Even the classic “Oversold” zone.

BTC / USD 1-day candlestick chart (bitstamp) with RSI. Source: TradingView.

“Slightly more reliable than Bitcoin -> Total market capitalization is at the next level support, while the daily RSI is reaching its lowest level since March 2020,” Cointelegraph contributor Michaël van de Poppe Commented In the situation.

“The sentiment of the stock markets is also very low after March 2020. That says it all.”

Equity markets were bullish over the weekend, with technology stocks showing the extent of its positive correlation again, especially in the Fire and Crypto series.