#Bitcoin Price Oversold, May Have Found a Bottom: #Bloomberg #Analyst
A new analysis in Bloomberg suggests that the Bitcoin bottom is somewhere around $3,000 or $3,100. Using the GTI Global Strength Technical Indicator, the analysis says that Bitcoin is probably oversold at this point. [The #indicator ] for Bitcoin is nearing oversold levels, clocking in at 35.6. That’s the lowest #level since December. Bitcoin appears to be stabilizing around $3,500, with clear support at $3,000 to $3,100, the measure suggests.
The Bloomberg report also says “many regular investors remain wary of #crypto market.” It suggests that a clear bottom can help reignite mainstream interest in #cryptocurrency . Clear support currently exists around $3,100 or as low as $3,000.
The Bitcoin price has been stabilizing above $3,500. But this is crypto. The market could get a bear scare and drop $1,000 tomorrow. It could do the opposite and start a bull run. The latter scenario is unlikely, however, given an overall cooling in sentiments toward blockchain development and crypto adoption.
Impending Short-Term Bitcoin Rally?
The data from the GTI GSTI suggests a short-term Bitcoin rally is on the cards. Bitcoin, analysts who use this indicator suggest, is likely to boom for a short period before beginning a settling period down to where the majority of its support is, about $4-500 beneath its current price levels.
However, the True Strength Indicator, which measures short-term price shifts in market charts, shows a heartbeat monitor over the past five days.
At the time of writing the TSI was around 27, down from a 5-day high of over 44. This is a marked improvement from the very recent 5-day low of nearly 70.
Will The Rally Extend into a Minor or Major Bull-Run?
One question that is surely in the back of everyone’s mind is whether or not the likely impending short-term rally could morph into an all-out bull run.
News has a way of playing heavily into the Bitcoin trading markets. If news of a bull rally broke, people who regularly fear missing the next all-time high might seize the opportunity and further propel buying activity.
#bitcoininfo - 2 hours ago