Bitcoin has been on a downtrend for more than five days. The latest dip saw the apex coin lose more than 7% in less than 22 hours. The dip which was a result of Luna Foundation selling off $1.5 billion BTC.
The constant retracement during this period has resulted in the largest cryptocurrency by market cap dipping $31,000. Not only was prices affected by the most recent state of the market, some indicators also expressed the condition of the market.
Bitcoin is Oversold
The Relative Strength Index (RSI) suggests that the apex coin is oversold as it the indicator is below 30, at 25.7. The Moving Average Convergence Divergence (MACD) has experienced further dips, both EMAs are below -1000.
Source: https://coinfomania.com/bitcoin-price-analysis-btc-becomes-oversold-for-the-first-time-in-three-months/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=bitcoin-price-analysis-btc-becomes-oversold-for-the-first-time-in-three-months