Bitcoin’s monthly RSI falls below 45 for the first time in history

This happened amid the fall in the value of the first cryptocurrency to $18 500

19.09.2022 - 07:30

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What’s new? Bitcoin’s relative strength index (RSI) fell below 45 for the first time in the entire history of observations. The record low was marked on the monthly chart of BTC. The event occurred amid the value of the asset falling to $18 500 on September 19.

BTC chart on the Binance exchange

RSI is a technical analysis indicator, which demonstrates the ratio of the average growth of an asset’s price to the average fall over a period chosen by the user. The indicator was developed and presented in 1978 in Commodities magazine.

Earlier, crypto analyst Jason Pizzino said that there would be a difficult period in September due to market “indecision.” According to him, “explosive gains” should not be expected in the short term. In this, the expert argued that the worst is over for bitcoin.

According to Binance, as of September 19, 07:40 UTC, the price of bitcoin is at $18 411, a drop of 8,3% per day.

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