Bitcoin bull and highly cited cryptocurrency proponent Mike Novogratz called “bottom” this week on Twitter. On Friday, Bitcoin’s market performance and key market reversal indicated a possible turning point. What will Monday bring? Is the market still too bearish?
Bitcoin Could Have Oversold
According to a Friday report from Bloomberg, a key market sign — the Williams %R Indicator — is showing that the market for Bitcoin (BTC) 00 has “oversold.”
This may portend that the great Bitcoin selloff is finally over. The Williams %R Indicator moves between a level of 0 and -100, showing an overbought or oversold market.