Bitcoin rebounds 7% from low as BTC price chart prints rare RSI signal
Bitcoin sought a rebound on February 3 after dropping to near $90,000, showing volatility as the Wall Street market opened. Data indicated that BTC/USD climbed past $97,000, recovering nearly 6.7% from local lows of $91,530. This fluctuation was influenced by geopolitical developments, notably U.S. tariffs on Canada and Mexico. While Bitcoin showed strength against the broader market, many altcoins experienced significant losses. Popular traders commented on Bitcoin's performance, indicating that the sharp decline might have already run its course. Additionally, a new ‘gap’ in CME Group’s Bitcoin futures above $98,000 was identified, often acting as a price magnet. The article also pointed to a rare oversold condition in Bitcoin's 4-hour RSI, suggesting potential accumulation opportunities, historically linked with past oversold signals. Despite Bitcoin’s recovery, U.S. stock markets remained lower, underlining a disconnect between crypto and traditional equities amid a risk-off sentiment.
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