3 Reasons Bitcoin Is a Screaming Buy Today
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The recent resurgence in Bitcoin's (CRYPTO: BTC) price has proved to be a spark of life for the entire cryptocurrency asset class. At the time of this writing, the world's first and most valuable cryptocurrency is up more than 20% in the last week, which catapulted its market cap to be worth more than industry giants like Walmart, Alibaba Group Holding, and Meta Platforms.
While Bitcoin's reclamation of the $20,000 mark seems to have drawn renewed interest from investors, the recent swing in prices might only be the beginning. Conviction in this comes from three metrics that historically have proved to be reliable in marking Bitcoin's next leg up.
The relative strength index (RSI) is a value used to measure the speed and magnitude of an asset's recent price changes to evaluate whether it is overvalued or undervalued. RSI values range from 0 to 100. Traditional usage of RSI states that values above 70 indicate that an asset is overbought. Values under 30 usually mean assets are oversold and, therefore, undervalued.
Source Fool.com
