On the 13th, BTC On-chain Data RSI Suggests... "Selling Pressure Defeated by Buying Pressure" "Possibility of Further Decline After US CPI Announcement... Must Reclaim $104,000"
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On-chain data provider Glassnode, through a report released on the 13th, pointed out that Bitcoin will experience a temporary adjustment period.
Recently, Bitcoin rose by about 9% in a week due to the development and agreement of tariff negotiations between the US and China. Bitcoin, which touched $105,000 on the 12th, fell to $102,000 due to large-scale selling pressure and massive liquidation in the futures market.
Glassnode analyzed that selling pressure is increasing in the cryptocurrency market based on the Relative Strength Index (RSI). RSI measures the relative strength between upward and downward pressure of a specific asset price and indicates the overbought and oversold scale of a specific asset.
Glassnode pointed out that the RSI dropped to 11 on the 13th. It explained that the buying power of buyers who purchased Bitcoin during the 12th uptrend is weakening, and those seeking profit realization are overlapping.
Glassnode specifically pointed out that a selling wall existed at $106,000 on the 12th.
Glassnode forecast that large-scale selling pressure could be announced with the US April Consumer Price Index (CPI) release on the 13th, and if Bitcoin fails to reclaim above $104,000, the adjustment could be prolonged.
Reporter Kwon Seung-won ksw@blockstreet.co.kr
