Matrixport: Bitcoin appears to be oversold, and historical data shows that this low RSI level usually indicates the bottom of Bitcoin

BlockBeats reported that on August 7, digital currency investment research company Matrixport released an analysis report stating that due to the continued existence of macroeconomic and geopolitical risks and the lackluster earnings of US technology stocks, it is still crucial to remain cautious.

However, Bitcoin appears to be oversold, with its relative strength index (RSI) falling to 30%. Historical data shows that such low RSI levels usually herald the bottom of Bitcoin. While this does not guarantee that prices will not fall further, it suggests that the current rate of decline may slow. It is worth noting that the recent few times when the RSI has fallen to this low point, buying opportunities usually appear within a few days.