BlockBeats News, February 6 — According to Tradingview data, as the price drops to $64,000, the current weekly RSI (Relative Strength Index) for Bitcoin has fallen to 26.62, comparable to the level during the previous bear market in June 2022.

RSI stands for Relative Strength Index, one of the most commonly used technical analysis indicators in financial markets such as stocks, futures, forex, and cryptocurrencies. It was introduced by American technical analyst J. Welles Wilder in 1978, primarily used to measure the speed and magnitude of price movements, determine whether an asset is overbought or oversold, and help investors identify potential reversals or trend continuation signals. Typically, an RSI value falling below 30 indicates the asset is in the oversold zone.