Bitcoin, the main cryptocurrency by market cap, is oversold on the six-hour chart, in accordance with David Cox, portfolio supervisor at Raymond James.
That is the primary time that this has occurred for the reason that cryptocurrency approached the low-$100,000 zone on June 22.
Bitcoin #BTC $BTCUSD is RSI(5) oversold on the 6-hour chart for the primary time for the reason that low $100K stage… pic.twitter.com/G5VWGa0ibw
— David Cox, CMT, CFA (@DavidCoxRJ) July 1, 2025
The RSI(5) indicator makes use of the final 5 candles (30 hours on this case) to gauge sentiment.
The chart shared by Cox reveals a number of RSI oversold bounces that marked short-term bottoms for the main cryptocurrency. Therefore, this bearish momentum may truly be interpreted as a moderately bullish worth sign within the brief time period.
The present RSI stands at roughly 26, that means that Bitcoin is oversold. That mentioned, the truth that buying and selling quantity seems to be moderately subdued reveals that bears aren’t totally in management simply but.
As reported by U.Right now, Bitcoin lately recorded its highest-ever month-to-month and quarterly closes, seemingly being in a robust place to file one other file excessive.
Nonetheless, the second quarter has had a moderately underwhelming begin. The Bitcoin worth has now fallen beneath the $106,000 worth mark, slipping to an intraday low of $105,987.
In the meantime, dealer Jonny Moe believes that Bitcoin will nonetheless be capable to set a brand new file excessive this summer season, nevertheless it might take a number of weeks.
My $BTC base case remains to be that we see this flag breakout push us to ATHs this summer season
However might nonetheless take weeks to months to fill it out https://t.co/vrCGLPebBB pic.twitter.com/UNmUj1WAsx
— Jonny Moe (@JonnyMoeTrades) July 1, 2025
Bitcoin’s most up-to-date dip has coincided with the tech-heavy Nasdaq 100 inventory market index dropping by 1%.
