Bitcoin Just Flashed Oversold Signal. Is Much-Awaited Bounce Coming?

Key Points

1. Bitcoin's RSI(5) indicator shows it is oversold at roughly 26, historically signaling potential short-term bottoms.

2. The cryptocurrency recently fell below the $106,000 mark, coinciding with a 1% drop in the Nasdaq 100 index.

3. Analysts suggest Bitcoin could reach a new all-time high this summer, but the timeline remains uncertain, possibly taking weeks to months.

4. The second quarter has had a weak start for Bitcoin, with bearish momentum still present despite oversold conditions.