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Analysis: Bitcoin's RSI relative to gold has fallen to a nearly three-year low, regarded as the bull-bear boundary.
The price of Bitcoin against gold (BTC/XAU) has dropped to about the level of 20 ounces of gold, marking the lowest since the beginning of 2024. Meanwhile, the weekly RSI indicator for this ratio has fallen to around 29.5 (oversold area), close to a three-year low. Data shows that this RSI oversold area has historically often appeared near the bottoms of bear markets, with some analysts believing this could mean Bitcoin is undervalued and there is potential for a rebound in the future. However, there are also views suggesting that if this key support is lost, it could indicate a weakening trend.