Bitcoin enters the oversold zone after falling below $63k

The Bitcoin (BTC) worth has been constantly declining over the previous two weeks, consequently placing the flagship cryptocurrency in the undervalued zone.

BTC dipped by 3.2% in the previous 24 hours and is buying and selling at $62,300 at the time of writing. Notably, that is the first time in six weeks that the Bitcoin worth plunged below the $63,000 mark. The asset’s market cap is all the way down to $1.22 trillion, final seen on Might 15.

On the different hand, the day by day BTC buying and selling quantity surged by 91% over the previous day, surpassing the $17 billion mark.

It’s vital to notice that spot BTC exchange-traded funds (ETFs) in the U.S. recorded six consecutive days of outflows, bringing heightened FUD (worry, uncertainty and doubt) to the cryptocurrency market. 

In keeping with information supplied by Santiment, the BTC relative power index (RSI) is at the moment sitting at the 35 mark after witnessing three weeks of fixed declines. The indicator exhibits that Bitcoin is oversold at this level, hinting at a possible worth rally.

Regardless of the declining RSI, the large surge in Bitcoin’s day by day buying and selling quantity may trace at excessive worth volatility.

Information from the market intelligence platform exhibits that the BTC alternate influx plunged from 18,726 cash to 14,547 cash over the previous 24 hours. Furthermore, the BTC alternate outflow dropped from 20,344 tokens to 14,648 tokens in the identical timeframe.

The actions present that traders is perhaps attempting to build up Bitcoin at this worth level, seeing the $62,000 mark as a neighborhood backside for the main cryptocurrency.