{"id":633149,"date":"2024-08-05T15:00:14","date_gmt":"2024-08-05T15:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=633149"},"modified":"2024-08-05T10:54:45","modified_gmt":"2024-08-05T10:54:45","slug":"bitcoin-rsi-bearish-40000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-rsi-bearish-40000\/","title":{"rendered":"Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000?"},"content":{"rendered":"

The Relative Strength Index (RSI)<\/a> is an important indicator for any cryptocurrency, and Bitcoin is no different<\/a>. Given that the pioneer cryptocurrency has been around the longest, the abundance of data makes it possible to use this indicator in an attempt to pinpoint where the price might be headed next. This time around, the indicator is turning bearish, which means that the Bitcoin price could be headed toward further decline<\/a> from here.<\/p>\n

Analyst Says RSI Is Turning Bearish For Bitcoin<\/h2>\n

Crypto analyst Alan Santana took to the TradingView website to share<\/a> a bearish development for the Bitcoin price. The analysis, which focused on the Relative Strength Index (RSI), shows a continuation of the bearish trend as Bitcoin is poised to fall further.<\/p>\n

Related Reading: Ethereum Price Crashes Below $3,000 As Revenues Drop To New Lows<\/a><\/div>\n

The crypto analyst, using the Bitcoin weekly chart, shows that the RSI is actually flashing a 3-year long bearish divergence. This is backed up by the RSI chart which showed a continuous decline<\/a> over the the year 2024 after reaching a local peak at the start of the year.<\/p>\n

Bitcoin\u2019s RSI has declined around 42% since the year began, going from as high as 88 to 50.6 at the time of the analysis. However, Alan Santana uses a longer timeframe from 2021 to 2024, showing a bearish divergence in this indicator.<\/p>\n

This bearish divergence has emerged as the RSI indicator presented a lower high in 2024 compared to the 95 peak of 2021. According to the analyst, this means that the RSI indicator<\/a> is now turning bearish for the first time since August 2023. This makes it the most bearish that the Bitcoin indicator has become in one year.<\/p>\n

How Low Will The BTC Price Drop?<\/h2>\n

At the time of the analysis, the Bitcoin price<\/a> had already seen a brutal drop from $70,000 to below $60,000 before a small recovery at the time of the writing. However, the crypto analyst does not believe this is the end and warns investors to expect further decline.<\/p>\n

Related Reading: Can XRP Rally 1,000X Despite The Drop Below $0.6?<\/a><\/div>\n

Going by the chart, Alan Santana expects that the Bitcoin price<\/a> will fall over 20% from here once more. This would mean a price decline below $50,000. The crypto analyst puts the bottom of this decline at around $44,000.<\/p>\n

\"Bitcoin
Source: Tradingview.com<\/figcaption><\/figure>\n

If this forecast were to materialize, it would mean the price<\/a> would revisit the $40,000 level for the first time since January 2024. However, it is not all bad news as the crypto analyst explains that \u201cThis, and other signals, is telling us that there is room for lower prices; much lower, before we experience new highs and boom growth.\u201d<\/p>\n

\"Bitcoin
BTC tug of war continues | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Relative Strength Index (RSI) is an important indicator for any cryptocurrency, and Bitcoin is no different. Given that the pioneer cryptocurrency has been around the longest, the abundance of data makes it possible to use this indicator in an attempt to pinpoint where the price might be headed next. This time around, the indicator is turning bearish, which means that the Bitcoin price could be headed toward further decline from here. Analyst Says RSI Is Turning Bearish For Bitcoin Crypto analyst Alan Santana took to the TradingView website to share a bearish development for the Bitcoin price. The analysis, which focused on the Relative Strength Index (RSI), shows a continuation of the bearish trend as Bitcoin is poised to fall further. Related Reading: Ethereum Price Crashes Below $3,000 As Revenues Drop To New Lows The crypto analyst, using the Bitcoin weekly chart, shows that the RSI is actually flashing a 3-year long bearish divergence. This is backed up by the RSI chart which showed a continuous decline over the the year 2024 after reaching a local peak at the start of the year. Bitcoin\u2019s RSI has declined around 42% since the year began, going from as high as 88 to 50.6 at the time of the analysis. However, Alan Santana uses a longer timeframe from 2021 to 2024, showing a bearish divergence in this indicator. This bearish divergence has emerged as the RSI indicator presented a lower high in 2024 compared to the 95 peak of 2021. According to the analyst, this means that the RSI indicator is now turning bearish for the first time since August 2023. This makes it the most bearish that the Bitcoin indicator has become in one year. How Low Will The BTC Price Drop? At the time of the analysis, the Bitcoin price had already seen a brutal drop from $70,000 to below $60,000 before a small recovery at the time of the writing. However, the crypto analyst does not believe this is the end and warns investors to expect further decline. Related Reading: Can XRP Rally 1,000X Despite The Drop Below $0.6? Going by the chart, Alan Santana expects that the Bitcoin price will fall over 20% from here once more. This would mean a price decline below $50,000. The crypto analyst puts the bottom of this decline at around $44,000. If this forecast were to materialize, it would mean the price would revisit the $40,000 level for the first time since January 2024. However, it is not all bad news as the crypto analyst explains that \u201cThis, and other signals, is telling us that there is room for lower prices; much lower, before we experience new highs and boom growth.\u201d Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":633195,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-633149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000?<\/title>\n<meta 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000?","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-rsi-bearish-40000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-rsi-bearish-40000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin-bear.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin-bear.jpeg?fit=1024%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-08-05T15:00:14Z","datePublished":"2024-08-05T15:00:14Z","dateModified":"2024-08-05T15:00:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-rsi-bearish-40000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-rsi-bearish-40000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-bear.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-bear.jpeg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-08-05T15:00:14Z\",\"datePublished\":\"2024-08-05T15:00:14Z\",\"dateModified\":\"2024-08-05T15:00:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin-bear.jpeg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/633149"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=633149"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/633149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/633195"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=633149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=633149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=633149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}