[Analysis] "Bitcoin approaches oversold territory… short-term buy-the-dip may be considered"

An analysis said Bitcoin (BTC) is approaching an oversold area from a technical perspective, opening a short-term buying opportunity.

On the 5th (Korea time), Matrixport said in a report, "Bitcoin has entered a technically overheated selling zone during the recent correction phase." However, it explained that there is still a need to wait for a bottom signal. The report said, "Historically, this range is an area with a high likelihood of a rebound, but a clear bottom signal has not yet appeared," and emphasized, "Bitcoin has reverted to the previously indicated risk zone according to on-chain indicators and market structure changes. The current price level is somewhat attractive from a buy-the-dip perspective, but new macroeconomic positives are needed for a sustained uptrend."

Signs of a rebound have been detected in technical indicators as well. The report said, "Some technical indicators, such as the Relative Strength Index (RSI), are showing stabilization and signs of a rebound," while also analyzing, "To fully confirm a market bottom, additional deleveraging centered on the spot market and an equity liquidation process may be necessary."