Analysis: The Bitcoin Relative Strength Index (RSI) is in an extremely oversold state and a short-term rebound is possible.

According to data from Odaily Planet Daily, Bitcoin's Relative Strength Index (RSI) is in an extremely oversold state, having fallen to its lowest level in nearly three years. Bitcoin's 36% drop from its all-time high of $126,000 to $80,500 has significantly impacted the high-times RSI indicator. On the weekly chart, the RSI has fallen from a local high of 64 in September to its current level of 35. This level was last seen in January 2023 when Bitcoin was trading at around $15,500-$17,000. Analyst Jelle stated, "Historically, when the weekly RSI reaches this level, it's worth paying attention to; it's either near a bottom or will soon experience a larger decline." (Cointelegraph)