Bitcoin’s RSI Has Done This Only Near Major Bull Runs: Analyst

Bitcoin (BTC) has pushed its daily relative strength index (RSI) above 85, a level crypto analyst Sykodelic says has never appeared during a bear market, after the asset reached above $81,000 this week.

The reading is being used to argue that the latest rally looks more like the opening of a new uptrend than a temporary bear-market bounce.

Bitcoin’s RSI Breaks a Historical Pattern In a post on August 27, Sykodelic pointed to Bitcoin’s 10-year price history and argued that every time the daily RSI moved above 85, it either came near the top of a major uptrend or appeared at the beginning of one.

“Never in Bitcoin’s history has it ever tagged 85+ in a bear market,” the analyst wrote.