Trader PlanB: Bitcoin RSI has never been so weak before halving

The Bitcoin Relative Strength Index (RSI) is currently at a level never seen before by half. It is unclear whether this is a positive or negative forecast for next month. RSI is a common trading indicator that measures whether an asset is overbought or oversold. RSI is usually used for technical analysis, but one of the tools used by traders to assess whether it is near the bottom or top. Although the industry ’s biggest event, Bitcoin halving, will occur in May, the continued macroeconomic outlook seems to cast a shadow over the cryptocurrency market. Historically, buying activity usually rises before it is halved. However, this time the RSI index is declining. On April 12th, Bitcoin believer and trader PlanB commented on this, saying, "Bitcoin RSI has never been so weak before halving it."