Bitcoin has been in a serious downtrend for the past few months, and the condition was so bad that the investors started to pull all of their investment out of the cryptocurrency. Liquidation was at its peak, and no one knew when or if things would go back to normal for the flagship cryptocurrency.
But now, when bitcoin is out of its slump and is doing great for itself, things have started to show up for the cryptocurrency even the RSI index has started to show up. From the bottoms of the chart, the cryptocurrency is now marching in the scalable section of the RSI chart, which is a great thing not only for the continuity of the cryptocurrency but also for the crypto market and investors, to be specific.
There have been past breakouts for the bitcoin as well, and these breakouts have resulted in about a 166% uptick in its price in the past; however, the same can’t be said for the present. RSI or relative strength index is a measure of the intensity of the price change for a commodity or, in this case, cryptocurrency from the last price drop or gain. It provides a clear-cut idea of the current price performance of the asset and how it is expected to react in the upcoming days.
For the last six months, the cryptocurrency has been in the negative or downtrend of the RSI factor, and only this time around bitcoin has managed to take out itself from the impossible lows to the bright high trends.
This is necessarily a breakout which suggests that soon enough, bitcoin is going to get all bullish, and it would be able to remain so for some more time until the investors have managed to restore their faith in the declining crypto space and the crypto market has managed to take back its lost stance and value. However, it seems a little unlikely that bitcoin will be able to hold its current position on the RSI chart, but when it is doing so, it is best to cash in this opportunity for the investors.