Investment strategist Raoul Pal has identified that Bitcoin'due south fortnightly relative-strength indicator, or RSI, recently cruel to levels not seen since the "Black Thursday" crash of March 2020.

The Global Macro Investor and Existent Vision Group CEO likewise noted that Bitcoin'southward (BTC) weekly RSI has crashed to levels comparable to that of the corrections produced during "the first role of the 2017 balderdash run, before Bitcoin hit hyperspace."

The ascertainment was fabricated after Bitcoin crashed roughly 15% over the weekend, with BTC dropping from $55,000 to detect support near $47,250 on Sunday, according to TradingView.

"Corrections in a bull market are opportunities and not threats," Pal added.

On-chain analytics provider Glassnode besides noted the depth of the crash, reporting that the number of Bitcoin addresses now at a loss had tagged a 9-month high of most 6.4 million on Sunda. Despite the milestone, 86% of Bitcoin addresses are currently in profit.

The markets appear to have agreed with Pal's assertion that Bitcoin was overdue for a bounce, with BTC bouncing xi.5% in six hours afterward posting a local low of roughly $47,000 earlier on Monday.

Citing charts from Glassnode, analyst William Clemente Three observed that in that location was $88.7 meg in BTC curt liquidations during early Asian trading on Monday as the market chop-chop rallied.

Despite the abrupt bounce, Bitcoin has shed 27% from its April xiv all-time high of $65,000. The downtrend saw Bitcoin'due south authority drop to l%. The last fourth dimension BTC's market place share fell below 50% was in July 2018, co-ordinate to TradingView.