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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.

7 hours ago

On August 29th, the cryptocurrency analyst @ali_charts put out a chart analysis indicating that the Bitcoin price has been maintaining its position within a new high range. Meanwhile, the Relative Strength Index (RSI) has been on a downward trend, showing a divergence similar to that before the 2021 cycle peak. The RSI (Relative Strength Index) is a widely employed technical analysis indicator. It measures the speed and magnitude of price changes to determine whether the market is in an overbought or oversold state. The RSI ranges from 0 to 100. Values above 70 are generally regarded as overbought, suggesting that the price may be too high and at the risk of a pullback. Values below 30 are usually considered oversold, indicating that the price may be too low and is likely to rebound.
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