Powerful 'oversold' situation in Bitcoin ended with jumping

The price of bitcoin quickly went above $ 6500 after touching 6100 yesterday evening. A rise of about 6.5 percent was seen. Other crypto money and tokens followed the movement of bitcoin.

Strong 'oversold' situation

BTC's recovery from 6100 to 6500 was mainly due to the relative strength of the RSI (Relative Strength Index ) Is extremely low at 26. An asset is considered oversold if the RSI falls to 30.

With low RSI, the price rebounded with bears that were reluctant to resume BTC sales from the 6100.

Meanwhile, some analysts believe that BTC

When is the next big rally in Bitcoin?

In December of last year, when Bitcoin's declining trend is still strong and the current rise is a mini rally before a new decline to below 6,000. The catalyst of the rise that delivered the price of $ 20,000 was individual investors.

Nasdaq, the second largest stock exchange in the world with the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, the world's largest stock exchange, is working intensively on cryptographic paralysis.

In the light of such developments, billionaire investor Mike Novogratz said, "The FOMO seen in retail investors in December will be seen in institutional investors this time."

The ICE will develop a crypto money market to cater to corporate investors.

On the other hand, Bitcoin prices are also expected to see another significant development: the legal regulation proposed by G20 countries for Bitcoin and other crypto paralys in July.