Cointelegraph recently reported that a short-term bounce is expected for Bitcoin (BTC) as its Relative Strength Index (RSI) has moved into oversold territory. The RSI on the 60-minute chart plunged from a peak of 81.7 on January 6 (US time) to a current three-month low of 16.6. Cointelegraph emphasized that it is rare for an asset to transition from overbought to oversold in just 24 hours.