Bitcoin's Oversold Condition and Altcoin Selling Pressure: A Challenging Week for Cryptocurrencies

Bitcoin's 14-day relative strength index (RSI) has dropped to its lowest level since the March 2020 crash, indicating extreme oversold conditions. This suggests a strengthening bearish momentum for the cryptocurrency. The RSI is a momentum indicator that reflects an asset's recent price movement relative to its average movement over a specific period. An RSI reading below 30 signifies oversold conditions, implying that the price has dropped too quickly. Bitcoin's trend has shifted to bearish, with the next potential decline area at $24,700. The recent drop in Bitcoin's price is attributed to surging bond yields, which are impacting risk assets, including cryptocurrencies.