The weekly RSI for Bitcoin has reached a new low, as a trader views the $70k BTC price at its bottom.

BitcoinBTCA leading indicator has set new bull market bottoms.

You can also find out more about the following: X analysis Rekt, the popular trader/analyst from Rekt Capital, predicted on April 7 that BTC/USD may find a floor at old record highs of 2021.

BTC prices should not drop below $70,000, according to history

Rekt Capital claims that Bitcoin could dip to as low as $70,00 before it recovers and still remain within historic norms.

In order to determine the price of BTC at the bottom end, the analyst analyzed the relative Strength Index (RSI).

“Whenever Bitcoin’s Daily RSI crashed into the sub-28 RSI levels – that wouldn’t necessarily mark out the price bottom. In fact, historically, the actual price bottom would be -0.32% to -8.44% lower than the price when the RSI first bottomed,” He explained.

“Bitcoin is currently forming its second low -2.79% below the first low. A repeat of -8.44% below the first low would see price bottom at ~$70000.”

The RSI (Relative Strength Index) is a classic example Leading indicators are often used to print signals before major BTC trend changes. No matter the chosen timeframe, the 30,50 and70 RSI values are very important. A score of less than 30 is considered low. “oversold” While 70 is a line drawn in the sand, “overbought.”

Currently the RSI daily measures at 38 after rejecting 50. In the weekly chart the RSI has dropped to 43. It is the lowest level since early 2023 when the bullish market began. Cointelegraph Markets Pro You can also find out more about the following: TradingView confirms.

Rekt Capital continued by adding that the price has increased. need not extend To form a bottom on a longer-term basis, the market needs to reach $70,000.

“As a result, historical Daily RSI trends in this cycle suggest anything from current prices to ~$70000 is likely to be the bottom on this correction,” He added.

The price of BTC/USD was $70,000 at the beginning of November 2024. This is the highest level since Bitcoin’s inception. previous bull market Three years ago, the last three-year period ended.

Macro trend “seriously bad for Bitcoin”

The following are some of the ways to get in touch with us. Cointelegraph reported$70,000 has been a common target in the recent correction. Tools such as the Lowest Price Forward This metric gives high odds that the area will hold as support.

Related: Black Monday 2.0? 5 things to know in Bitcoin this week

Timothy Peterson, the network economist who created it, is still pessimistic in his outlook for BTC prices.

US macroeconomic trend, he warned The week of this week is a good time to consider “easily” BTC/USD at the $70,00 mark.

“Seriously bad for Bitcoin,” He wrote X on a chart showing the ICE BofA USHigh Yield.

This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.