Bitcoin hasn’t been this oversold in 4 years, chart watcher says

A relentless grind lower for bitcoin has pushed a closely watched technical indicator to its lowest level in four years.

According to Rob Sluymer, technical analyst at Fundstrat Global Advisors, the weekly Relative Strength Index, or RSI — a measure of the magnitude of recent price changes — has dipped below 30 for the first time since January 2015.

The RSI is measured on a scale of 0 to 100 with a reading below 30 considered oversold, while a reading above 70 considered overbought. “BTC is again at historically oversold levels and is retesting important support that needs to hold to suggest a bottom is developing,” wrote Sluymer in a research note to clients.

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