Bitcoin Reaches Longest Stretch Ever Without A Bull Run

NewsBTC
NewsBTC

28 Jun 2023 10:57 PM

Bitcoin is known for its explosive price movements — both bullish and bearish. However, Relative Strength Index data suggests the top cryptocurrency by...

  • Bitcoin has gone the longest stretch ever without a bullish impulse, according to Relative Strength Index (RSI) data.
  • The last major bull market for Bitcoin began in late 2020, and prior to that, there was a short-lived rally in 2019 and a bullish market throughout 2017.
  • The current lack of a true bull run has reached a record length, as indicated by the RSI.
  • Bitcoin's price movement is being awaited by investors, and an overbought RSI signal could fuel a fast and furious price increase.
  • The previous longest bear market lasted 959 days before becoming fully overbought on the weekly timeframe.

The article discusses the lack of a true bull run for Bitcoin and the anticipation for an overbought RSI signal. The sentiment is neutral, with a hint of optimism for a potential price increase.

Go to publisher site

You May Ask

How long has it been since the last time BTCUSD was fully bullish?How does the current data compare to past bear markets?What is the significance of an overbought RSI signal for Bitcoin's price movement?How long did the previous longest bear market last before becoming fully overbought on the weekly timeframe?Could the current lengthy period without a bull run lead to another significant price increase for Bitcoin?

Suggested Reads