MARKET WRAP: BTC caps a week of mixed economic data, with higher prices. GWilliamsJr_CMT reports
Ten-year Treasury yield daily close: 2.64%Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index ; Ether is the CoinDesk Ether Price Index ; Gold is the COMEX spot price. Information about CoinDesk Indices can be found atWhile daily charts tend to be the default standard for investors, longer time frames may offer better insight.
The price of bitcoin fell for nine consecutive weeks starting on the week that ended on April 2, and dropped 10 out of 12 weeks overall . The range of the downward move in the 12th week coincides with a decline in the relative strength index to 19.43. The RSI is a technical tool that measures the speed and pace of change of price movements. Often used as a proxy for momentum, RSI levels that exceed 70 indicate that an asset is in an overbought range. Conversely, RSI levels below 30 often signal that an asset’s price is oversold.The weekly RSI for BTC now sits at 35, which implies that prices are neither overbought nor oversold, but rather are in a neutral range.Following last week’s 10% gain, BTC finished the current week up 5%.
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