Bitcoin prices have been fluctuating in a small range and settled at the $38,000 mark for the January 30th, 2022 weekend. Just the previous day, it was trading at $38400. Despite its good performance after hours, not many analysts believe that BTC can be categorized as bullish. This is not expected to occur without guidance from the traditional trading market.
Experts are tracking the $37,000 price and monitoring its sustainability. The high prices have persisted in spite of a slow return after staying under the $33,000 mark early in the week. The hopes of reaching a $39,600 threshold seem unlikely for the near term.
Touching on information related to on-chain data, one analyst said that there are plenty of bullish cues to consider, thanks to BTC’s relative strength indicator. BTC’s RSI hit the “oversold” level recently. This occurred after a price crash in March 2020, at the start of the Coronavirus pandemic.
The RSI metric is checked to determine if BTC has been overbought or oversold at a specific price and how long it can and will be sustained. Due to the modest rebounds made recently, BTC’s RSI seems to be in a state of challenging a downward trend since November 2020. The two earlier breakouts during 2020 have resulted in major bullish movements, according to an analyst. He also shared a price indicator chart to make his point.
All in all, Bitcoin is holding its own and investors are watching the market’s action. They are tracking price changes so that they can jump in at the right time.