Bitcoin whales stay on the sidelines, weakening the case for a quick trend reversal higher. reports godbole17
Bitcoin's daily chart with relative strength index
An under-30 RSI reading means the market has fallen too fast, and bears may now take a breather, leaving the market rangebound. Bitcoin traded in a sideways manner above $30,000 for several weeks following the previous oversold reading registered on May 20, 2021. That said, the RSI, just like other technical studies, isn't reliable as a solitary indicator and can stay oversold or overbought for a prolonged period.
As of writing, there were no signs of renewed buying by large investors, with supply held by entities owning at least 1,000 BTC stagnant, having decoupled from rising prices in late September.
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