Bitcoin's RSI is currently as oversold as it is during the infamous COVID crash that took place in March 2020.
The cryptocurrency market lost over $400 billion worth of its capitalization in the past few days alone. The total market cap currently sits below $1.7 trillion.
This came as most of the coins are down tremendously in the past week. Ethereum is down 27.7%, BNB is down 27.8%, ADA is down 17.6, SOL is down 36.2%, and so forth. Bitcoin’s price is currently sitting around $35K and has lost almost 20% in the same time frame.
From a technical perspective, it’s important to note that the Relative Strength Index (RSI), which is commonly used to gauge the magnitude of recent price changes to evaluate market conditions, is down to the oversold area, as seen in the chart below.
Source: TradingView
An interesting thing to consider is the fact that the RSI hasn’t been so oversold since the COVID crash that took place back in March 2020.
Speaking of market sentiment, it appears that we’re in a state of extreme fear, according to the popular Fear and Greed Index.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
