As the U.S. election approaches, Matrixport says traders are anxious, but Bitcoin is in the neutral zone. Bitcoin’s RSI is at 56%, below the overbought threshold of 70%, suggesting neither overbought nor oversold conditions. A neutral RSI usually means traders are less exposed to market moves, and after the election, Bitcoin’s risk premium may decrease.
This is different from the bear market decline in March when the RSI reached 80% and the rebound in July and August when the RSI was only 25%. Selling volatility could be an attractive strategy this week.
