\u201cBitcoin is vastly oversold, according to its 14-day relative strength index, which sits at 25. Assets are seen as being oversold once they hit 30 or lower.\u201d<\/p><\/blockquote>\n\n\n\n
Any relief rally seen in the short-term may prove to be fleeting though, as analysts are noting that the cryptocurrency is showing signs of having fundamental weakness as it fails to garner any significant buying pressure.<\/p>\n\n\n\n
Jeff Dorman, the chief investment officer at Arca, mused about this while speaking to Bloomberg, explaining that the lack of buying pressure signals that the markets are fundamentally weak.<\/p>\n\n\n\n
\u201cThe market is clearly in contraction, with no new money coming in to soak up the supply\u2026 The market has been remarkably weak,\u201d he bearishly noted.<\/p><\/blockquote>\n\n\n\n
Analysts will be closely watching to see how Bitcoin reacts to its near-term support and resistance levels, as this will provide significant insight into where it trends in the coming weeks and months.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is currently sitting on the edge of a precipice as it finds some support at $7,000, which appears to be the only thing currently stopping it from dropping it back to its recent lows of $6,500 that were set at the at the bottom of the recent BTC sell-off. In the near-term, it does appear that Bitcoin will see some relief as a technical indicator signals that it is significantly oversold at the moment, but analysts are noting that […]<\/p>\n","protected":false},"author":42,"featured_media":55403,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6971,6964,48],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58421"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=58421"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58421\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/55403"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=58421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=58421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=58421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}