Bitcoin plummeted to $34,000 over the weekend as its correlation to the US stock market strengthens. The rapidly changing Federal Reserve policy in response to rising inflation has caused extreme fear in both legacy and crypto markets.
Bitcoin has reached its lowest level on the daily RSI (Relative Strength Indicator) technical indicator since March 2020, which was the time of the COVID crash. Also, the weekly RSI currently sits at 37, which is usually considered as indicating the price is oversold.
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