Bitcoin Enters Oversold Levels, Analyst Warns This Is Bearish, Not Bullish Trending Global News

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Crypto analyst Quinton recently revealed that Bitcoin has entered Oversold levelHowever, analyst Dr. Kat warns that, unlike public opinion, this development is a recession, not rapid, for flagship crypto.

In X postDr. Cat said that entering bitcoin oversold levels is “super-burnish” and overbott level “super-bullish”. He explained that to reach oversold values for the oscillator, it means that Price action It is extremely recession, showing why investors are selling their holdings.

Why bitcoin is entering oversold levels

The Crypto analyst further commented that the oscillator range-bounded indicators, so they cannot go beyond 0 and 100, as they are limited by their mathematical formulas. However, he said that the price of bitcoin could be more or higher. Dr. Kat said then Bitcoin bull marketGiven that they are all in the area on the weekly chart.

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The analyst said that if an investor purchases an oversold status at a short time limit. High time limit of bitcoin Fast, this is a good step. However, he commented that whoever advises to buy a weekly oversold chart based on this claim that it is fast because it is oversold, there is no idea what they are talking about.

He commented that many altcoins are oversold over high deadline and they can survive as they reach zero, where the analysts claim that they are eventually leading. Dr. Kat also explained that A bull marketThe position of oversold on the daily chart can mark high climb on the weekly or monthly chart.

However, in a bear market, oversold conditions may persist or lead to some consolidation before a more negative side. Dr. Kat then entered Quinton’s chart, in which he said what daily oversold conditions did in different wider market conditions a year ago. The analyst warned that he was not discussing whether Bitcoin is in a bull or bear market or where it is leading, but simply explaining the misconception about oversold and overbott RSI.

BTC supply is currently high demand

In an X post, Cryptoctive CEO’s Young Zoo It turned out that the supply of bitcoin is currently more than its demand, which provides a recession approach to the flagship crypto. It supports the idea of BTC, which are currently in oversold conditions, selling their coins instead of buying holders.