traders expect Bitcoin to possibly rebound in the short term. Data shows that the Relative Strength Index (RSI) of BTC/USD is in an extremely oversold state, with the indicator dropping to its lowest level in nearly three years. Bitcoin has fallen 36% from its all-time high of $126,000 to $80,500, which has had a significant impact on the RSI indicator on higher timeframes. On the weekly chart, the RSI has dropped from a local high of 64 in September to the current 35, a level last seen in January 2023, when Bitcoin was trading around $15,500-$17,000.

Analyst Jelle stated: Historically, when the weekly RSI reaches this level, it is worth paying attention.

He added: Either we are close to the bottom, or we will soon experience a larger downturn. Mister Crypto pointed out in an X post on Friday that Bitcoin's Stochastic Relative Strength Index (Stochastic RSI) shows its oversold degree is the deepest in the entire cycle, making a short-term rebound very likely. (Cointelegraph)