Bitcoin (BTC) has had a volatile 24 hours, plunging from $99,500 to as low as $91,231 amid mounting concerns over impending US trade tariffs on Canada, Mexico, and China. However, some crypto analysts see this sharp decline as a buying opportunity, suggesting that BTC may be oversold and poised for a rebound. Is Bitcoin Poised For A Relief Rally? Yesterday, the crypto market experienced one of its largest sell-offs in history, with over $2.3 billion in liquidations affecting more than 742,000 traders. This level of liquidations surpasses those seen during the COVID market crash in March 2020 and the FTX collapse in November 2022. Related Reading: Crypto Traders Wrecked As Trump’s Tariffs Spark $2 Billion Liquidation Despite the downturn, some analysts argue that BTC may have entered oversold territory, signaling a potential relief rally. Crypto analyst Caleb Franzen shared insights in a post on X, highlighting that Bitcoin’s 4-hour Relative Strength Index (RSI) has dipped into oversold levels. He noted: For the 5th time since August 2024, Bitcoin’s 4-hour RSI is becoming oversold. Each of the prior signals were attractive accumulation period ..
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