Bitcoin RSI Enters Oversold Territory, Is The Bottom In For BTC?

The Bitcoin RSI – or Relative Strength Index – has officially entered the oversold territory for the first time in 10 months. 

This comes after today’s Bitcoin price crash which saw the largest cryptocurrency trading close to $60,000. 

Investors dumped their BTC holdings after defunct crypto exchange Mt.Gox announced that it would start its Bitcoin repayments in July. 

While BTC has faced significant selling pressure over the past month, its RSI hitting oversold levels indicates a strong possibility of a bullish reversal. 

Bitcoin RSI Now Oversold – Is A New All-Time High Next For BTC?

It is hard to understate how rare and bullish it is for the Bitcoin RSI to enter oversold territory. The last time this occurred 10 months ago, BTC was still trading at $26,000. In fact, the RSI did not dip to oversold even when the Bitcoin price crashed to $56,000 in May. 

More importantly, the Relative Strength Index is not unimportant data for Bitcoin, as is the case with several altcoins.

In the past two years, the Bitcoin RSI hitting oversold levels has resulted in the largest cryptocurrency skyrocketing by 62%, 63% and 198% respectively. 

Considering that the BTC is still trading above $60,000 – currently at $66,700 at press time – there is a significant possibility of Bitcoin reaching new all-time highs in the coming weeks. 

Some experts are also spinning the Mt. Gox news as a potential positive for BTC, even though $9 billion worth of Bitcoin is set to hit the market before October. However, as the saying goes, bad news often marks the bottom for BTC. 

Indeed, analysts believe that insiders could have had the information regarding Mt. Gox’s announcement and could have been front-running the news. 

This probably was already known to insiders and they’ve been frontrunning the news the past few weeks. https://t.co/DSuRUIA5P1

— CoinMamba (@coinmamba) June 24, 2024

Popular investor Crypto Mikey – who has close to 50k followers on X – believes that the $57,500 to $59,500 range could mark the bottom for Bitcoin. Indeed, BTC’s monthly and quarterly support levels, along with its 200-day Simple Moving Average fall in this range and could provide a strong footing for a bullish reversal. 

$BTCSelling continues, below we have monthly, quarterly and the 200MA support. Assuming we aren’t entering an extended bear market (which I don’t believe we are), 57.5-59k would be a money zone for swing longs pending reaction. pic.twitter.com/doAJWoWwdF

— Crypto Mikey (@CryptoCX1) June 24, 2024

This would provide much-needed respite for the altcoins and likely prove to be a major boost for new meme coins such as Sealana. 

Could Sealana Be The Next Big Solana Meme Coin?

A Bitcoin bull rally would likely put the spotlight on meme coins, considering their strong correlation during this cycle. 

As a result, investors believe that the new meme coin Sealana ($SEAL) could see an explosive price action right after its launch. In fact, popular YouTuber Martin Iyooh has even hinted at the possibility of 10x gains post-IEO. 

This Solana meme coin has been in high demand from the start of its presale, having already raised over $5 million. However, the presale is coming to an end tomorrow on June 25th at 6 PM UTC, adding to the FOMO surrounding the token. 

Sealana’s popular mascot – a chubby and patriotic seal – has emerged as one of the key factors behind its demand. This phenomenon is not rare either. Most big meme coins – including Dogecoin, Pepe and Dogwifhat – have benefitted tremendously from the popular memes behind them. 

It’s not without any reason that YouTube influencers such as Crypto Mischief are calling Sealana the next big Solana meme coin. 

Experts are also viewing it as a potential major player in the PolitiFi landscape, owing to its mascot’s anti-establishment, pro-Trump views. As the US presidential elections draw near, politically-themed tokens are expected to explode and Sealana is one of them. 

Interested buyers can visit the Sealana website to purchase the meme coin. They are also advised to follow the project’s X and Telegram accounts to keep up with the latest updates. 

Visit Sealana Presale

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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