By: Omkar Godbole
Bitcoin is looking oversold, having lost half its value in the last five months.
The premier cryptocurrency by market value fell to a six-month low of $6,515 during the Asian trading hours and is currently trading at $6,880 on Bitstamp. That represents a 50.43 percent drop from the year-to-date high of $13,880 hit on June 26.
BTC has registered losses in all of the last four weeks and last week’s 18.72 percent drop is the biggest 7-day decline in nearly two months.
The sell-off may now be set for a pause, with the 14-day relative strength index (RSI) flagging oversold conditions, as seen below.