Bitcoin’s Longest Stretch Without a Bullish Impulse
Bitcoin has been experiencing a prolonged period without a bullish impulse, according to Relative Strength Index (RSI) data. This article explores how long it has been since BTCUSD was fully bullish and compares this data to past bear markets.
- The last major bull market occurred in late 2020, following a short-lived rally in 2019.
- In 2017, Bitcoin spent the entire year in a bullish market.
- Currently, there is no indication of a true bull run, making it the longest stretch ever without one.
Waiting for an Overbought RSI
The Relative Strength Index (RSI) is used to determine if an asset is overbought or oversold. Bitcoin and cryptocurrencies tend to remain overbought for longer periods due to their speculative nature. The lack of a bull market can be attributed to the absence of overbought RSI signals on the weekly BTCUSD chart.
- Previous bear markets, such as the one in 2014 and 2015, lasted around 959 days before becoming fully overbought on the weekly timeframe.
- For another bull run to occur, BTCUSD must first reach overbought levels on the one-week RSI.
- As time passes, the chances of a prolonged period of pain and suffering for bears increases.
Hot Take: Can Another Bullish Impulse Occur?
Despite the current elongated period without a bullish impulse, there is still skepticism about the possibility of another one in the near future. However, historical patterns suggest that once the weekly RSI reaches overbought levels, a bull run may follow. Time will tell if BTCUSD can break the trend and experience another epic price increase.
By
By
By
By
By
By