Bitcoin bottom signal? Analyst: RSI hits a new low in 2023, $70,000 is the bottom.

Bitcoin's weekly Relative Strength Index (RSI) hit a new low since the start of the bull market in early 2023, and analysts predict that $70,000 could become a potential bottom for this correction. (Synopsis: Arthur Hayes: "Continue to increase my position in bitcoin" during yesterday's decline, and altcoins also entered my buying point) (Background supplement: Bitcoin rebounded $80,000 to enter the market? Six indicators to help you judge the timing of the bottom) Bitcoin's recent price volatility, market sentiment quickly shifting between greed and fear, the relative strength index (RSI), as a leading momentum indicator, is sending signals to watch, analyst Rekt Capital said that the price bottom of BTC/USD may fall near the all-time high set in 2021, around the $70,000 mark. The bottom may be at seventy thousand magnesium Rekt believes that historical data has shown that when Bitcoin's daily RSI falls below the level of 28, this does not necessarily mark the final bottom of the price. In fact, the true price bottom is usually -0.32% to -8.44% lower than when the RSI first hit the bottom. He also cautioned on behalf of investors that even if the RSI is signaling a bottom, the market may still experience further downturns. According to Rekt Capital's calculations, Bitcoin is currently forming a second low, which is about 2.79% below the price when the RSI first bottomed. If the historical pattern repeats itself, in the worst-case scenario (i.e. a drop of 8.44%), the price bottom of Bitcoin could fall around $70,000. This price level, which also happens to be near the peak of the bull market in 2021, may have significant historical reference considering that Bitcoin has never had a new bull market high in the past. What does RSI say? According to the current RSI data, since the deadline is around 34, the industry generally believes that below 30 is regarded as an "oversold" area, suggesting that the price may rebound, and on April 7, it once fell to the 19 water level, and then ushered in a rebound, showing that the last time after the RSI was below 30, it did usher in a rebound, and on the 8th, it once fell back after touching the 50 neutral line, indicating that short-term buyer momentum has weakened, more notable is the weekly RSI, which is currently around 43, which is since 2023 The lowest reading since the start of the current bull market at the beginning of the year. Although the weekly RSI has not yet entered the "oversold" zone below 30, it continues to decline and hit new lows, indicating that the medium to long-term buyers' momentum is cooling significantly and the market is experiencing a larger correction. Rekt Capital agrees that a long-term bottom could form even if the price doesn't precisely touch $70,000. Based on the historical trend of the daily RSI during the current period, any price from the current price to about $70,000 could be the bottom of this correction. Macroeconomic headwinds As for whether bitcoin once again falls to $70,000 and other "theoretical bottom" opportunities, it depends on the overall economic situation, the current overall economy in the United States has a historically rare "stock and bond exchange" three major declines, which means that the current market relying on asset allocation can no longer avoid any losses, the market has expected a general recession. In this case, Bitcoin, a highly volatile digital asset type, is likely to appear on a large scale again before bonds and the US dollar stop falling, so the crypto market still needs to urgently observe macro indicators, even if Bitcoin may usher in a sharp decline, but Bitcoin is likely to be one of the assets preemptively deployed by high-risk investors after the market has signs of stabilization. Jumping out of the US market, many experts also warn that the possible depreciation of the yuan in the near future may be another boost to the rebound of bitcoin, in general, in the situation of the Sino-US tariff war, bitcoin will be closely affected by international geopolitics in the near future. Read more: Bitcoin is skyrocketing? Arthur Hayes: RMB depreciation will trigger a large flight of Chinese capital BTC Extended reading: Trump warned China and Japan: Do not let the yen and yuan depreciate, otherwise "tariffs will wait"; The yen should rise above 149 Related reports Twitter founder Jack Dorsey: Bitcoin "if it does not make daily payments" is only a store of value, it will fail Bitcoin pullback 32% Is "the company that bought BTC as a reserve" still alive? The future of micro-strategy imitation tide Trump's suspension of tariffs and trouble" Bitcoin pin 81,000, U.S. stocks ride roller coasters, Fed May interest rate cut expectations rise sharply "Bitcoin bottoming signal? Analyst: RSI probes a new low since 2023, $70,000 is the bottom This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".