In the middle of 2019, when Bitcoin had just surged above $10,000 on the back of an influx of buying pressure caused by market FOMO amongst investors, analysts thought BTC was on the verge of going parabolic again.<\/p>\n
You see, after a year of brutal 80% decline in a period now known as “Crypto Winter,” which brought BTC as low as $3,150, investors were ready for some sunlight. The 300% pump that took place in six months’ time was enough to convince investors that Bitcoin was about to wave goodbye to five digits and “moon.”<\/p>\n
But, in classic cryptocurrency fashion, BTC tanked, with the price falling 50% to a low of $6,400 by December of last year. But, since bottoming there, the leading cryptocurrency has rallied by over 30%, leaving emotional investors to once again say a parabolic move that will bring Bitcoin above $100,000 is on the horizon.\u00a0<\/a><\/p>\n But, per a simple analysis of a simple indicator, this rally is not here. Not here yet, anyway.<\/p>\n Cryptocurrency trader Coiner Yadox recently noted that Bitcoin’s long-term phases of bull and bear have always been easily defined by the one-week Relative Strength Index (RSI), with readings of under 55 indicating bear market and readings of above 55 indicating bull market.<\/p>\n Indeed, as he depicts in the chart below, whenever Bitcoin was in a bull market, the RSI always stayed above 55, bouncing off this key level on multiple occasions to allow BTC to set fresh all-time highs. The vice-versa is also true.<\/p>\n $BTC<\/a> $BTCUSD<\/a><\/p>\n On the weekly, Bull market are where RSI>55, and Bear Market when RSI<55.<\/p>\n Right now, we are exactly at this crucial line. — Coiner-Yadox (@Yodaskk) January 15, 2020<\/a><\/p><\/blockquote>\nBitcoin Still Under Key Level\u00a0<\/strong><\/h2>\n
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Which way ? pic.twitter.com\/y5568fDYmS<\/a><\/p>\n