The current Bitcoin weekly chart oversold signal strength is similar to that of June 2022

BlockBeats News, February 6th, according to TradingView data, as the price dropped to $64,000, the current Bitcoin weekly RSI (Relative Strength Index) has fallen to 26.62, a level similar to the last bear market in June 2022.

RSI stands for Relative Strength Index, which is one of the most commonly used technical analysis indicators in financial markets such as stocks, futures, forex, and cryptocurrencies. It was proposed by the American technical analysis master J. Welles Wilder in 1978 and is mainly used to measure the speed and magnitude of price changes, determine whether the market is overbought or oversold, and help investors find potential reversal or trend continuation signals. Generally, when the RSI value drops below 30, it enters the oversold zone.