Cryptocurrencies
Bitcoin Set to Post Worst Month of 2019
- The 14-day relative strength index shows Bitcoin is oversold
- Cryptocurrency’s 23% drop is the biggest since November 2018
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Even though Bitcoin is on pace to post its worst month this year, technical signals show its recent downturn could be coming to an end.
Over the weekend, Bitcoin retested its initial May gap that preceded a subsequent rally, potentially indicating its retreat could be running out of steam. That gap, which measures large price swings between open and closing prices between trading days, has been filled, with the coin retracing to the same price level prior to the May rally. That means Bitcoin could find support around the $6,500 level, or about 8% below its current price.