Bitcoin’s RSI is now at its most oversold level since the COVID crash of March 2020

                                                            Der Cryptowährungsmarkt hat allein in den letzten Tagen über 400 Milliarden Dollar an Kapitalisierung verloren.  Die Gesamtmarktkapitalisierung liegt derzeit unter 1,7 Billionen US-Dollar.

This happened as most coins have fallen tremendously over the past week. Ethereum is down 27.7%, BNB is down 27.8%, ADA has fallen by 17.6%, SOL is down 36.2% and so on. The price of Bitcoin is currently around $35,000 and has lost nearly 20% over the same period.

• From a technical point of view, it is important to note that the Relative Strength index (RSI), which is commonly used to gauge the magnitude of recent price changes to assess market conditions, is in the oversold territory as seen in the chart below.

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• What is interesting is the fact that the RSI has not been this oversold since the March 2020 COVID crash.
• Speaking of market sentiment, according to the popular Fear and Greed Index, we appear to be in a state of extreme anxiety.

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