With the 2024 US Presidential elections approaching, investor anxiety is increasing in financial markets. cryptocurrency marketA similar concern prevails in Turkey. matrixportAccording to analysis by Bitcoin 
$68,545(BTC)’s 21-day Relative Strength Index (RSI) remains in the neutral zone. Currently at 56 percent, the RSI is well below the 70 percent overbought threshold, indicating that Bitcoin is neither overbought nor oversold.
Bitcoin’s RSI Value Attracts Attention
Bitcoin‘s 21-day RSI value indicates that the price is not in the overbought or oversold zone. The RSI value reached 80 percent in March, causing a sharp decline in the cryptocurrency market.
Similarly, in July and August RSI When it dropped to 25 percent, a major price recovery occurred. According to Matrixport’s analysis, the fact that the RSI is in the neutral zone under current conditions makes investors less vulnerable to price movements and indicates that price fluctuations may decrease in the post-election period.
Volatility Selling Strategy Gains Interest
Matrixport analysts 2024 US Presidential elections He states that volatility selling stands out as a potential strategy this week, with the neutral RSI level maintained beforehand. Analysts predict that there may be a decrease in risk premium as uncertainties decrease after the election, and call on investors to take advantage of this opportunity.
With current data, Bitcoin is trading at $68,850 with an increase of 0.52 percent in the last 24 hours. biggest cryptocurrency It rose to $73,500 last week, but has been moving in a downward trend since then. At the end of the week, the price dropped to 67 thousand 500 dollars.
Analysts state that in order for the price to enter a permanent upward trend, the psychological threshold must be maintained above 70 thousand dollars and especially the last record level of 73 thousand 750 dollars must be exceeded.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
