Relative Strength Indicator Hits 2020 Records

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On March 20, 2020, the Relative Strength Index (RSI) on the Bitcoin chart on CoinDesk showed a sharp change in prices with the cryptocurrency exchange rate at $4,000 due to the COVID-19 pandemic.

In technical analysis, the RSI indicator indicates whether an asset is oversold or overbought.

FxPro Senior Analyst Alex Kuptsikevich stated that the trend in Bitcoin had shifted from being bullish to bearish.

This was supported by data from Glassnode indicating a decrease of up to 12% in the share of profitable coins held by speculators, while CoinShares presumed that the sale may have been in response to a delayed decision by the SEC on the application to launch a Bitcoin ETF.