Currently in the green by 1.29 percent at $3,609, the GTI Global Strength Technical Indicator for Bitcoin is showing that the leading cryptocurrency is finding a bottom and a short rally is coming on.
Bitcoin Finding Bottom
Bitcoin price seems to be stabilizing as it trades near the $3,500 level. At the time of writing, Bitcoin has been trading at $3,609 with 24-hours gains of 1.29 percent as per the data provided by Coinmarketcap.
Currently down 81 percent from its peak, Bitcoin price is oscillating between $3,545 and $3,750 since January 10th.
Bitcoin price chart, Source: Coinmarketcap
As expected and predicted by experts and analysts Bitcoin bottom just might be here as the technical indicator shows that Bitcoin is currently oversold and that means a short-term rally might be in order.
In our previous article, we shared the Delphi Digital report that stated that selling pressure is exhausted and Bitcoin will find its bottom in sometime around quarter 1 of 2019. Now, the technical indicators are signaling the same as Bloomberg stated,
“The GTI Global Strength Technical Indicator for Bitcoin is nearing oversold levels, clocking in at 35.6. That’s the lowest level since December. Bitcoin appears to be stabilizing around $3,500, with clear support at $3,000 to $3,100, the measure suggests.”
Recently, we reported that Changpeng Zhao, the CEO of the leading crypto exchange Binance also shared that Bitcoin is currently oversold while the crypto market is undervalued. However, he is confident that “this space will get so much bigger.”
The GRI VERA Trend Signals indicator that helps identify trends and Bitcoin has “breached its lower VERA band limit today, but rocketed back to trade just above the limit,” according to Bloomberg. This behavior implies that a short term rally is on the way.
With prices keep on going lower the investors are looking for signs of hope. Though, experts are also expecting Bitcoin to be in consolidation for the most part of 2019.
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.