Bitcoin (BTC) prices dropped to a 50-day low of $6,630 earlier today, but a glimmer of good news for the bulls is that the cryptocurrency appears to be nearing a bottom.
To start with, BTC tends to reverse course every time the relative strength index (RSI) drops to or below 30.00, according to historical data (see chart below). As of writing, the relative strength index is close to that mark, at 32.00.
At press time, bitcoin is changing hands at $6,950 on Bitfinex, while the average price across leading exchanges, as represented by CoinDesk’s Bitcoin Price Index is seen at $6,930…
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