ChainCatcher message, Lookonchain posted on social media that five indicators can be used to observe whether Bitcoin has reached its peak:The rainbow chart is a long-term valuation tool that uses a logarithmic growth curve to predict BTC's potential price direction in the future. The new Bitcoin Rainbow 2023 chart shows that BTC is still very cheap;Relative Strength Index (RSI) chart ≥70: BTC is in an overbought state and may soon decline. ≤30: BTC is in an oversold state and may soon rise. The current RSI is 61.87, and compared to previous data, BTC does not seem to have peaked yet;The 200-week moving average heatmap shows the current price point in blue, indicating that the price peak has not yet been reached, making it a time to hold and buy;Cumulative Value Days Destroyed (CVDD), when the BTC price touches the green line, the BTC price is undervalued, indicating that it is a good buying opportunity. The current CVDD shows that BTC's peak does not seem to have been reached yet;The annual moving average multiplier shows that BTC's price is between the red line and the green line. It has not yet touched the red line, and the market has not peaked.

ChainCatcher news, the digital currency research company Matrixport released an analysis chart stating that due to ongoing macroeconomic and geopolitical risks, as well as poor earnings expectations for U.S. tech companies, it remains crucial to stay cautious. However, Bitcoin appears to be oversold, with its RSI reaching 30%.Historically, such a low RSI level has often been a bottom signal for Bitcoin. While this does not guarantee that prices won't decline further, it suggests that the current rate of decline may slow down. Notably, after the RSI reached such low points in recent times, buying opportunities emerged within a few days.

ChainCatcher news, according to Cointelegraph, CoinGlass data shows that as of the time of writing, $58,018 is the level attracting the most liquidity for Bitcoin, with its price eroding the buy support below $57,000.Additionally, from July 4 to 5, the total liquidation of Bitcoin bulls exceeded $220 million. Subsequently, shorts experienced liquidations over the weekend, with trader Daan Crypto Trades noting that some short positions were closed when Bitcoin reached a local high of $58,500.Moreover, analysts are seeing encouraging signals from the daily timeframe's Bitcoin Relative Strength Index (RSI), including bullish divergence. Analyst Wolf posted on X, stating, "My initial bearish target was $52,000, but it seems the bulls might be one step ahead of me. The daily RSI has shown a clear bullish divergence, and the expanding wedge pattern further increases investor interest."

ChainCatcher news, according to on-chain analyst Ali, in the past two years, the Bitcoin daily Relative Strength Index (RSI) has touched the oversold area three times, resulting in BTC prices soaring by 60%, 63%, and 198% respectively. Bitcoin is now below $62,000, and the RSI is once again in the oversold area.It is reported that the Relative Strength Index (RSI) is a common technical analysis indicator used to estimate short-term market trends and assess whether an asset is overvalued or undervalued.

ChainCatcher news, CoinW will launch RSIC on the Runes zone today at 3:00 (UTC+8), opening the RSIC/USDT trading pair, and will also start the RSIC bounty program.Trading start time: 2024/4/23 3:00 (UTC+8)It is reported that RSIC distributed 21,000 inscriptions for free to the Ordinals community two months ago. Currently, their number 8 rune RSIC•GENESIS•RUNE, the project team has completed the reserved airdrop for those who held RSIC inscriptions before block 840,000.

ChainCatcher news, the NFT project Memeland announced on social media that it has purchased 21 RSIC METAPROTOCOL and joined the Runes Collective (RSIC mining community).ChainCatcher previously reported that the NFT project Memeland announced on social media that the first project on its social staking protocol Stakeland is Runecoin.

ChainCatcher news, according to official sources, Whales Market has announced the integration of the Runes protocol, providing native support for UTXO-based tokens, and will open RSIC pre-market trading.