Then you need to know that Bitcoin is currently trading at $64,200, approaching the oversold territory on the RSI Relative Strength Index. Historically, when Bitcoin enters the oversold area on the RSI, it often experiences a technical rebound.
The RSI is a momentum oscillator that measures the speed and change of price movements, with values ranging from 0 to 100. An RSI below 30 is typically considered oversold, indicating that the asset may be undervalued and due for a rebound as buyers step in to take advantage of lower prices.