Bitcoin BTC Update and Technical On-Chain Data Analysis

Hi everyone, welcome back to my blog. Nothing much to discuss in market, so I will keep today's Bitcoin update quite brief, please excuse for today.

🔶 Bitcoin’s weekly RSI makes history. It is the most oversold it has ever been. Bitcoin needs to reclaim its position above 200 W.M.A. which is lying at $22400

🔶 Moreover, everything is the same as per my previous post, nothing changed much. $20,000 is working as local support and major support is near $19,700. A downside break below this level could take the price near $18,800

🔶 On Chain data shows the rate of whales in the derivatives exchange is high which increases the possibility of controlling the price. So the volatility in the market is also likely to increase.