A reading above 70 is often erroneously taken to represent overbought conditions and a sign of an impending bearish reversal. However, per technical analysis textbooks, an above-70 RSI, especially on longer duration charts, suggests bullish momentum is strong and the asset could continue to rally in the weeks ahead, similar to what happened in 2019 and 2020.
Source: https://www.coindesk.com/markets/2023/11/01/raging-bitcoin-bull-market-ahead-according-to-key-indicator/?utm_medium=referral&utm_source=rss&utm_campaign=headlines