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Bitcoin Still Under Key Level

Cryptocurrency trader Coiner Yadox recently noted that Bitcoin’s long-term phases of bull and bear have always been easily defined by the one-week Relative Strength Index (RSI), with readings of under 55 indicating bear market and readings of above 55 indicating bull market.
Indeed, as he depicts in the chart below, whenever Bitcoin was in a bull market, the RSI always stayed above 55, bouncing off this key level on multiple occasions to allow BTC to set fresh all-time highs. The vice-versa is also true.

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