BTC price falls to $34,000 as Bitcoin RSI hits biggest ‘oversold’ since March 2020 crash

Bitcoin (bitcoin) refused to stop near-term losses during Jan. 22, as forecasts for flights of $33,000 or less seemed increasingly likely to become a reality.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingView.

Open Interest “still not refreshed”

data from Cointelegraph Market Pro and Transaction view On the heels of BTC/USD, it fell below $35,000 in the first half of Saturday.

With little silver lining for bulls, reduced weekend volume promises some classic volatile moves after Bitcoin Lost $40,000 of support on Friday.

Although some, including El Salvador, taking full advantage of the new lower level, others expressed concern that despite the decline, bulls remain under pressure.

“The crazy part is that open interest still hasn’t refreshed,” trader and analyst William Clement Summarize, one of many market participants noted that derivatives traders are still trying to combat the trend.

“After all this absolute state of carnage and panic funding isn’t negative in a way, futs haven’t gone backwards, OI has barely dropped. Interesting times. And by ‘fun’ I mean poverty,” the popular Twitter Account Byzantine General added joking.

Bitcoin Futures Funding Rate Chart (Binance). Source: Coinglass.

RSI falls to March 2020 COVID low

Bitcoin’s Relative Strength Index (RSI) saw a slight relief on the day, falling to its lowest level since March 2020.

related: Here are 3 ways to use the Relative Strength Index (RSI) as a sell signal

At the time, BTC/USD plummeted to $3,600 before a rebound that continued into the following year.

Daily RSI on Saturday is already only 20 Far below Even the classic “oversold” area.

BTC/USD 1-day candle (Bitstamp) with RSI. Source: TradingView.

Cointelegraph contributor Michaël van de Poppe “More reliable than Bitcoin alone -> total market cap at next support level while daily RSI hits lowest level since March 2020” Comment About the situation.

“Stock market sentiment is also at its lowest level since March 2020. Says it all.”

Stocks took a beating this weekend, tech stocks in particular were in the firing line, and cryptocurrencies were once again showing the extent of their positive correlation.