Ali Martinez is a renowned cryptocurrency analyst who took to X in order to inform his audience that Bitcoin’s Relative Strength Index, or RSI for short, has once again fallen into the oversold zone. According to the analyst, it might be time to get in on the price dip. Martine points out that BTC’s daily RSI hit oversold three times within the last two years. BTC has risen by 60, 63% and 198% in each instance.
BTC briefly fell below $60,000. It has now recovered to the level of $60,000. BTC trades in the red and has fallen by 7.5% over the last week, 10.4% on the chart for the next 14 days, and 12.3% from the previous month.
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BTC’s recent dip was likely caused by miners who sold their Bitcoins after the mining price surpassed $86,000 last week. A lack of new capital has entered the market, and investor fatigue is increasing.
Bitcoin to recover in the next week?
Martinez says that Bitcoin’s price has always risen higher than its average mining cost. According to the data, mining Bitcoin averaged $86,000 last week. The coin is expected to surpass this figure and reach a new record.
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Specialized at CoinCodex Bitcoin is expected to be a strong performer in 2019. next weeks. Platform predicts BTC to reach $81,972 by July 19, 2019. The platform predicts that BTC will reach $81,972 on July 19.
In May, the US also saw a decline in inflation. This may have reignited hopes of a drop in interest rates. An increase in investor confidence may be boosted by a decrease in inflation. This could lead to more capital being invested in riskier assets, such as Bitcoin.
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Source: watcher.guru