Bitcoin price is in free fall and the cryptocurrency community is in panic. The high-risk, speculative asset class is living up to its notorious volatility and the selling appears unstoppable.
At some point, all assets become oversold and recovery begins. After the most recent selloff, BTCUSD weekly RSI has reached the most oversold level in the entire history of price action, including two bear market bottoms.
Bitcoin Selloff Sets Record For Most Oversold Weekly RSI Ever
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Bitcoin price today tapped below $22,000 per coin and is rapidly approaching prices closer to the 2017 peak. Many altcoins, including Ethereum, have already pushed below the past bull market peak in an unprecedented move for the crypto market.
Panic is properly ensuing. The frantic attempt to cash out