Bitcoin (BTC) price reached a new 2023 peak of $31,200 on July 14. However, a profit-taking wave has triggered yet another retracement below $30,000. With BTC now oversold, how high can it rebound during the next Bitcoin price rally? 

Despite the choppy price action in recent weeks, long-term investors have continued to double down on their bullish Bitcoin positions. What are the chances that BTC will hit $35,000 during the next rally? 

Bitcoin is Approaching the Oversold Territory

According to the Relative Strength Index data, the Bitcoin price retracement could soon grind to a halt. After over a week of sideways price movement, Bitcoin is approaching the oversold territory. As shown below, Bitcoin’s daily RSI currently sits at 41. This means that it is now closer to the oversold mark at 30 than the 70 overbought territory. 

The Relative Strength Index evaluates the strength and momentum of a price trend. When the RSI swings closer to 30 than 70, it suggests the underlying asset could soon become oversold and be due for a major price rebound. 

Hence, strategic investors may interpret this as a signal to take bullish positions on BTC ahead of the next price rally. 

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Author: Ibrahim Ajibade

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