Bitcoin explodes! Why is the market going up?

[deleted-t8ev9z]

Days ago that bitcoin begins to rise, I would say that it has been a week in positive and a cut of losses that we had been seeing 6 months of constant falls, therefore, this has been one of the most important recoveries that has doubled the last two rebounds he had, then we can say that this rise starts from approximately $ 18900 to $ 24000 practically, once Bitcoin touched that $24000, it ended up surpassing the high it had set on June 14, 2022. and that it was set at about $23300 - $23500 so it has gone about $500 higher, it has touched $24000 and the strength with which Bitcoin has gotten there; makes us assume that it could still have a small growth gap between that line of $24000 to $25000 by far, this if we want to measure it from terms of RSI; since the daily RSI is located at 63 points which is a level that we had not seen for many months, and I remind you that the RSI helps us identify levels of overbought and also oversold in the price of assets so in this case, Bitcoin already with 63 points in daily, is approaching that area of the 70, when it indicates that an asset is suffering overbought.


What does overbought mean in a given asset?

Well, it means that already the number of people interested in buying begins to run out and more sellers begin to appear in the market; as there is an imbalance in supply and demand and there are more sellers, that is to say that there is more supply in the market, this causes prices to go down and this price drop we have to see where it is held exactly because we need to identify those points, remember that this is a new region practically, which is just being explored, after coming from 6 constant months of falls.


PS: This content is only informative, it is not buying or selling advice.