{"id":1317,"date":"2022-01-22T12:05:03","date_gmt":"2022-01-22T12:05:03","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=1317"},"modified":"2022-01-22T12:05:04","modified_gmt":"2022-01-22T12:05:04","slug":"btc-price-falls-to-34k-as-bitcoin-rsi-reaches-most-oversold-since-march-2020-crash","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1317","title":{"rendered":"BTC price falls to $34K as Bitcoin RSI reaches most &#8216;oversold&#8217; since March 2020 crash"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) refused to stem recent losses during Jan. 22 as predictions of a flight to $33,000 and lower looked increasingly likely to become a reality.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView.<\/em><\/p>\n<h2>Open interest &#8220;still not flushed&#8221;<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0followed BTC\/USD as it fell through $35,000 during the first half of Saturday.<\/p>\n<p>With few silver linings available for the bulls, lower weekend volume was poised to deliver some classic erratic moves after Bitcoin lost $40,000 support\u00a0on Friday.<\/p>\n<p>While some, including El Salvador,\u00a0made the most of the new lower levels, others voiced concern that despite the drop, pressure still remained on bulls.<\/p>\n<p>&#8220;Crazy part is open interest still hasn&#8217;t flushed,&#8221; trader and analyst William Clemente summarized, one of many market participants noting that derivatives traders are still attempting to fight the trend.<\/p>\n<p>&#8220;After all this carnage and absolute state of panic funding somehow isn&#8217;t giga negative, futs aren&#8217;t backwarded and OI barely went down. Interesting times. And with &#8216;interesting&#8217; I mean poverty,&#8221; popular Twitter account Byzantine General additionally\u00a0quipped.<\/p>\n<p><em>Bitcoin futures funding rates chart (Binance). Source: Coinglass.<\/em><\/p>\n<h2>RSI sinks towards March 2020 COVID lows<\/h2>\n<p>A source of slight relief came in the form of Bitcoin&#8217;s relative strength index (RSI) on the day, this dipping to its lowest levels since March 2020.<\/p>\n<p><strong><em>Related:\u00a0Here\u2019s 3 ways the relative strength index (RSI) can be used as a sell signal<\/em><\/strong><\/p>\n<p>At that time, BTC\/USD crashed to $3,600 before staging a comeback that would last well into the following year.<\/p>\n<p>Daily RSI stood at just 20 Saturday, already well below even the classic &#8220;oversold&#8221; zone.<\/p>\n<p><em>BTC\/USD 1-day candle chart (Bitstamp) with RSI. Source: TradingView.<\/em><\/p>\n<p>&#8220;A bit more reliable than Bitcoin alone -&gt; total market capitalization is at next level of support, while the daily RSI hits the lowest level since March 2020,&#8221; Cointelegraph contributor Micha\u00ebl van de Poppe commented on the situation. <\/p>\n<p>&#8220;Equities sentiment is also on the lowest level since March 2020. Says it all.&#8221;<\/p>\n<p>Equities markets had taken a hit towards the end of the week, with tech stocks particularly in the line of fire and crypto once again showing the extent of its positive correlation.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/btc-price-falls-to-34k-as-bitcoin-rsi-reaches-most-oversold-since-march-2020-crash\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) refused to stem recent losses during Jan. 22 as predictions of a flight to $33,000 and lower looked increasingly likely to become a reality. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView. Open interest &#8220;still not flushed&#8221; Data from Cointelegraph Markets Pro and TradingView\u00a0followed BTC\/USD as it fell through $35,000 during the first half [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-1317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1317"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1317\/revisions"}],"predecessor-version":[{"id":1319,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1317\/revisions\/1319"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1318"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}