An asset’ relative strength index (RSI) was first developed in the 1970s to look at wild swings in commodity markets. The RSI measures how overbought or oversold an asset is relative to prior periods.
Bitcoin, lost nearly $10,000 yesterday and marked its third-lowest RSI reading:
Bitcoin is now as oversold as it was at the 2018 and 2022 bear market bottoms. (Source: Zero Hedge)
Bitcoin is now selling off at a pace last seen at bear-market bottoms in 2018 and 2022.
Our trading channel was buzzing yesterday. Traders are actively seeking the bottom and trying to plot a way back in!
Indeed, bitcoin is rebounding and back up to $68,000 in today’s trading. Nail-biting stuff.
What’s happening with crypto? Will the crash spill over and infect tech? The questions are worth asking. To find answers, join our conversation this afternoon with Mark Jeftovic, editor of Bitcoin Capitalist, and one of the first business owners to accept – and keep – bitcoin on his balance sheet.
~ Addison
P.S. Mark Jeftovic’s joining us at a special time this week for Grey Swan Live! — today, Friday, February 6, at 2 p.m. ET. He’s going to help us unpack a set of signals in crypto and Dollar 2.0 digital assets that rarely appear at the same time — and almost never by accident.
Mark will walk us through what’s happening with bitcoin, and what to expect next when capital, policy, and power start pulling in the same direction.
If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.
