Digital finance expert Josh Olszewicz said that, according to technical analysis, Bitcoin's relative strength index (RSI), the ratio of positive and negative price changes, has increased since the beginning of the year from 45 to 79.02 points. The last time the RSI approached this point was in October 2021, when it reached 72, the expert added.
Olszewicz noted that Bitcoin is up nearly 100% over the past six months, outperforming chip giant Nvidia (NVDA), which is up about 88%, Ethereum (ETH), which is up 89%, and the S&P 500 index (INX), which is up just 18%.
The trader drew the attention of investors that an RSI value above 70 points indicates an overbought state of the asset and may signal a future downward correction.
“Although, if you are investing or trading and your results do not outperform your investment in BTC, then you have nothing to worry about. Almost everything else looks like garbage compared to Bitcoin,” says Olszewicz.
Now the flagship cryptocurrency is trading between $70,900 and $71,200. Over the past 24 hours, the value of BTC has increased by 2.8%. On the weekly timeframe, the asset grew by about 7%.
Earlier, experts at The Block Research reported that the total volume of transactions in the market for spot bitcoin exchange-traded funds reached $201.7 billion by the close of trading on Tuesday, April 9.
Source: Bits
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