Matrixport: Bitcoin is nearing the oversold range, but still needs to wait for a reversal signal.

[Matrixport: Bitcoin is approaching the oversold zone, but we still need to wait for a reversal signal] Matrixport released its daily chart analysis stating, “From a technical perspective, Bitcoin is approaching the oversold area, which is usually where a rebound occurs, but to form a meaningful recovery, a clear reversal day is typically needed, and as of now, we have not seen that.” We have previously issued a warning for this round of correction based on on-chain signals and market structure pressures. Although “buying the dip” is quite attractive here, a more sustained trend reversal may still depend on the next macro-level favorable catalyst, which has yet to materialize. Technical indicators like RSI (Relative Strength Index) may start to stabilize and turn upwards, but a further process of clearing out spot sell orders may still be needed before the market establishes a solid bottom.