The weekly RSI for the Bitcoin (BTC), Ethereum (ETH) and XRP price fell to a new all-time low in July. It has recovered since, and generated bullish divergence in the case of BTC and XRP, while it broke out from a resistance line in the case of ETH.
Bitcoin Price Prediction: Biggest RSI Divergence in History
The Bitcoin price has fallen since reaching an all-time high of $68,944 in Nov. 2021. The downward movement led to a low of $15,599 on Nov. 11.
Comparing the decrease to the previous bear markets, it would make sense that the price of Bitcoin is close to reaching a bottom. The crypto market correction beginning in 2014 and 2018 had a drop of 86% and 84%, respectively. The current decrease is 77%.
Furthermore, the previous corrections lasted for 413 and 364 days, respectively. The current one has been ongoing for 378 days.
Another interesting reading comes from the weekly RSI, which fell to a new all-time low in June…
