According to ChainCatcher, on-chain analyst Ali revealed that in the past two years, Bitcoin's daily relative strength index (RSI) has hit the oversold area three times, causing BTC prices to soar by 60%, 63%, and 198%, respectively. Bitcoin is now below $62,000, and RSI is in the oversold area again.

It is reported that the relative strength index (RSI) is a common technical analysis indicator used to estimate short-term market trends and assess whether asset values ​​are overvalued or undervalued.