Bitcoin Correction, RSI and MACD Indicators Show Potential to Buy Bitcoin?

Bittime - In the last few days, Bitcoin (BTC) experienced a significant decline, which caused the Relative Strength Index (RSI) indicator to reach a very low level, namely 30%. 

Bitcoin RSI Indicator is Low

Source: Twitter.com/Matrixport_CN 

Based on data from Matrixport, Bitcoin may have entered the "oversold" zone. In technical analysis, RSI is a momentum indicator used to measure the speed and change of price movements. 

When the RSI indicator falls below 30, this is often taken as a signal that an asset is in oversold territory and there may be a potential price reversal or bottom.

Read Also: Crypto Market is Sluggish, Bitcoin is Still the Favorite Among Investors 

RSI Indicator is Low: A Signal to Buy Bitcoin?

Previously, whenever Bitcoin's RSI reached low levels like today, it was often followed by a profitable buying opportunity. Usually, when Bitcoin's RSI falls to around level 30, the price tends to recover in the following days or weeks. 

For example, during the major correction that occurred in March 2020, the RSI was also around level 30. Bitcoin then experienced a significant price spike in the following months. 

Indicator MACD: Bitcoin Condition is Quite Interesting

Apart from RSI, other technical indicators also show that Bitcoin is currently in quite an interesting condition to monitor. For example, the Moving Average Convergence Divergence (MACD) indicates that bearish momentum may be starting to wane, which could be an additional signal that Bitcoin price is nearing a bottom.

In addition, Bitcoin trading volume also showed an increase amidst this price decline, which indicates an accumulation of investors who believe that the current Bitcoin price offers an attractive buying value.

Read Also: Bitcoin Market Dominance Reaches 55.7%, New Record in the Last 3 Years! 

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.