EddieJayonCrypto

 6 Dec 23

tl;dr

If you've been keeping an eye on Bitcoin, you'd know that it's been on quite a wild ride this year. With a whopping 164.1% return on a year-to-date basis, Bitcoin has soared above $44K, but now it's hitting overbought levels. The relative strength index (RSI) for BTC-USD currently sits at 81.5, wel...

If you've been keeping an eye on Bitcoin, you'd know that it's been on quite a wild ride this year. With a whopping 164.1% return on a year-to-date basis, Bitcoin has soared above $44K, but now it's hitting overbought levels.

The relative strength index (RSI) for BTC-USD currently sits at 81.5, well above the 70 marker that indicates an overbought status. In fact, the RSI reading for Bitcoin hit 89.7 back in January, the highest of the year.

The recent surge in price has caused the RSI level to jump up, with Bitcoin popping 16.8% in December alone, going from $37.7K to its current level of $44,087. For investors tracking Bitcoin's price action, it might be useful to keep an eye on Bitcoin Futures exchange-traded funds, including ProShares Bitcoin Strategy ETF (BITO), Valkyrie Bitcoin and Ether Strategy ETF (BTF), and VanEck Bitcoin Strategy ETF (XBTF).

Disclaimer:
This is not financial advice. Please do your own research before investing in any asset.

Disclaimer

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