In approximately 30 days according to estimates, Bitcoin will see its next block reward reduction or “halving,” in which the number of coins issued per block will get cut in half from 12.5 to 6.25.
Although halvings have traditionally been seen as an extremely positive event for the Bitcoin market, the past few months have seen the cryptocurrency slump from a macro perspective, with BTC trading a mere six percent higher since the December bottom of $6,400.
And as a result, the cryptocurrency is heading into this critical event so weak from a charting standpoint. But should this be a cause for concern for bulls?
Bitcoin’s macro RSI paints a harrowing picture
If you’ve traded an asset or read Bloomberg, you likely know of the Relative Strength Index (RSI) indicator — a measure if an asset is overbought or oversold, determined by the strength of trends. Read More...