A new analysis in Bloomberg is saying that the Bitcoin bottom is somewhere around $3,000 or $3,100. The analysis says that Bitcoin is probably oversold at this point.
It said: “[The indicator] for Bitcoin is nearing oversold levels, clocking in at 35.6. That’s the lowest level since December. Bitcoin appears to be stabilizing around $3,500, with clear support at $3,000 to $3,100, the measure suggests.”
The Bloomberg report also says “many regular investors remain wary of crypto market.” It suggests that a clear bottom can help reignite mainstream interest in cryptocurrency. Clear support currently exists around $3,100 or as low as $3,000.
The Bitcoin price has been stabilizing above $3,500.