BTC price falls to $34K as Bitcoin RSI reaches most 'oversold' since March 2020 crash

It's looking more and more like a capitulation, but so far, open interest remains "unflushed," analysts warn

Bitcoin (BTC) refused to stem recent losses during Jan. 22 as predictions of a flight to $33,000 and lower looked increasingly likely to become a reality.

Open interest "still not flushed"

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it fell through $35,000 during the first half of Saturday.

With few silver linings available for the bulls, lower weekend volume was poised to deliver some classic erratic moves after Bitcoin lost $40,000 support on Friday.

While some, including El Salvador, made the most of the new lower levels, others voiced concern that despite the drop, pressure still remained on bulls.

"Crazy part is open interest still hasn't flushed," trader and analyst William Clemente summarized, one of many market participants noting that derivatives traders are still attempting to fight the trend.

"After all this carnage and absolute state of panic funding somehow isn't giga negative, futs aren't backwarded and OI barely went down. Interesting times. And with 'interesting' I mean poverty," popular Twitter account Byzantine General additionally quipped

RSI sinks towards March 2020 COVID lows

A source of slight relief came in the form of Bitcoin's relative strength index (RSI) on the day, this dipping to its lowest levels since March 2020.

Related: Here’s 3 ways the relative strength index (RSI) can be used as a sell signal

At that time, BTC/USD crashed to $3,600 before staging a comeback that would last well into the following year.

Daily RSI stood at just 20 Saturday, already well below even the classic "oversold" zone.

"A bit more reliable than Bitcoin alone -> total market capitalization is at next level of support, while the daily RSI hits the lowest level since March 2020," Cointelegraph contributor Michaël van de Poppe commented on the situation.

"Equities sentiment is also on the lowest level since March 2020. Says it all."

Equities markets had taken a hit towards the end of the week, with tech stocks particularly in the line of fire and crypto once again showing the extent of its positive correlation.

JDT Will Announce An Attractive NFT Project Especially For Fans This Year

In July 2021, JDT has announced their NFT idea in joining the crypto arena by offering a number of digital works with benefits for its fans. This is also one of the good developments for the local crypto industry which is now starting to have a large number of users.

Recently, Johor Darul Ta’zim Football Club (JDT) is reported to be in the final process of finalizing and will announce two interesting projects under the umbrella of JDT Digital. The project includes ‘JDT Fan Token’ and ‘JDT NFT Marketplace’ with two international companies with agreements worth millions of ringgit.

Discussions have already taken place with large international companies in the industry to ensure that the JDT club can realize a well-planned program with premium products and value to supporters. This is very important because we want to achieve the standards set by DYAM Major General Tunku Ismail Ibni Sultan Ibrahim.

The first project in question is the JDT NFT Marketplace where allowing supporters to collect a collection of artwork inspired by the club with each token owned will provide a range of unique advantages in engagement with this leading Southeast Asian club.

Apart from collecting JDT NFTs, supporters also have the opportunity to enjoy once -in -a -lifetime experiences such as VIP hospitality, unique experiences with players and have access to exclusive JDT memorabilia.

This NFT JDT project is different from the projects made by a handful of other clubs because it offers gamification and real world benefits through the artwork and tokens.

Through JDT Fan Token, the opinions of supporters will be heard more because supporters can vote in some non -technical decisions of the club as well as receive exclusive prizes and promotions that cannot be bought with money. Together we look forward to the official launch of these two pretty exciting NFT projects.

Previously, Selangor FC has emerged as Malaysia's first football club by offering digital works through the OpenSea and Pentas platforms

Dogecoin Drops to Lowest Price in Nine Months as Crypto Market Sinks

The original meme coin is now down 81% from its all-time high in May 2021, continuing its gradual decline in value.

It’s a brutal day across the cryptocurrency market, which has shed about 13% of its overall value in the last 24 hours, per CoinGecko. And while the especially volatile meme coin Dogecoin has seen a lesser daily dip, it’s now at its lowest point in more than nine months.

Dogecoin is down nearly 9% over the last 24 hours to a current price just above $0.14, as of this writing, and it briefly dipped below the $0.14 mark this afternoon. DOGE has now dropped 18% over the last seven days, according to CoinGecko’s data.

Dropping under $0.14 today, Dogecoin reached its lowest point since mid-April 2021, when the long-running meme coin was in the midst of a social media-fueled surge that took its value from about $0.07 to $0.40 in a matter of days.

Dogecoin saw an immense rise in value in early 2021. It began the year priced at less than one penny per coin, and then ticked up significantly starting in late January as part of the wider meme stock trading frenzy. DOGE popped to a then-peak of about $0.08 per coin in early February before the price started to dwindle.

But DOGE’s value multiplied several times further in April and May, ultimately reaching an all-time high above $0.73 on May 8. That peak wouldn’t hold, however.

As the wider crypto market entered an early summer free fall, DOGE dropped hard with occasional upward swings, but never came close to recapturing its top. According to CoinGecko, DOGE hasn’t been above $0.30 since early September. As of this writing, Dogecoin’s price has fallen 81% since marking its all-time high.

DOGE was created as a joke in 2013, but gained serious value in 2021 as millions of new investors flooded into cryptocurrency. It found prominent fans in Mark Cuban and Elon Musk, the latter of which has a propensity to pump DOGE’s price with his tweets. It also boosted Robinhood’s crypto business, although the company warned of the risk of relying on such a volatile coin.

Whether Dogecoin can regain its early 2021 momentum and reach the fabled $1.00 milestone remains to be seen—but right now, it has fallen far from its peak. Today’s wider market crash has only exacerbated the coin’s gradual decline in recent months.

As for Shiba Inu, the Ethereum-based meme token that emerged as DOGE’s main rival last year—and even briefly surpassed Dogecoin in market cap—it’s down a larger 16% at a current price of $0.00002273. SHIB hit a three-month low today, per data from CoinGecko, and is now down 74% from its late October all-time high of $0.00008616.

Cryptocurrency Prices Today: Bitcoin falls 7%, Ethereum sheds 9%

The global cryptocurrency market capitalisation dropped from $1.88 to $ 1.7 trillion during the last 24 hours while the trading volume surged from $66.35 to $126 billion.

The decentralised finance (DeFi) cryptocurrency market cap surged 123.14 percent to $120.97 billion. Value of stablecoins stood at $115 billion, representing nearly seven percent of the market. Stablecoins are tied to an asset - such as the dollar or any other fiat currency or gold - to stabilise their price.

Bitcoin's market dominance remained nearly flat at 40.51 percent and the asset was trading at $36,579 levels today morning.

In rupee terms, Bitcoin fell over seven percent to trade at Rs 29,63,463, while Ethereum fell nine percent to Rs 2,11,277.4.

Meanwhile, Robinhood Markets Inc is rolling out crypto wallets to a 1,000 users, allowing them to send and receive cryptocurrencies through their brokerage accounts, the company said in a blog post. The Menlo Park-based online brokerage had laid out plans to begin testing the wallets last year, with the aim of a broader rollout in 2022.

El Salvador buys its cheapest 410 Bitcoin as prices reach $36K

President Nayib Bukele confirmed that the purchase of 410 BTC was made against $15 million, placing the trading price at approximately $36,585 per BTC

The Central American country of El Salvador has added 410 Bitcoin (BTC) to its central reserve as BTC prices trade below $37,000, a price last seen on July 26th, 2021. 

The fresh addition to El Salvador’s BTC reserve was announced by President Nayib Bukele, who confirmed that the purchase of 410 BTC was made against $15 million, placing the price at approximately $36,585 per BTC.

El Salvador adopted BTC as a legal tender on Sept. 7, 2021, as a means to overcome catastrophic inflation amid the weakening spending power of the nation. Fast forward to today, the country has strategically accumulated 1,801 BTC over the past four months, especially when the market sees a momentary price fall.

The latest purchase is currently the cheapest acquisition for El Salvador ever since the country adopted BTC as a legal tender.

With BTC trading just above the $36,000 mark and the resultant sell-off, Bukele believes that “some guys are selling really cheap,” supporting his long-term vision of mainstream Bitcoin adoption.

As evidenced above by data from Cointelegraph Markets Pro and TradingView, BTC experienced a steady rise in prices from mid-July, which resulted in an all-time high of almost $69k in the first week of November. However, the next three months saw a steep decline in market prices as investors redirected BTC profits into buying other tokens.