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Analysis: Bitcoin's relative strength index (RSI) continues to decline, showing a similar bearish divergence to the 2021 bull market top.
BlockBeats News, August 29th, Cryptocurrency analyst @ali_charts published a chart analysis stating that the Bitcoin price has been maintaining its position in a new high range, while the Relative Strength Index (RSI) has been declining, showing a divergence similar to the one before the 2021 cycle peak.
RSI (Relative Strength Index) is a widely used technical analysis indicator that measures the speed and magnitude of price changes to determine whether the market is in an overbought or oversold condition. The RSI ranges from 0 to 100, with values above 70 typically considered overbought, implying the price may be too high and at risk of a pullback. Values below 30 are usually considered oversold, suggesting the price may be too low and due for a rebound.
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