As the 2024 US Presidential elections draw near, concerns among market participants are escalating. This anxiety is also prevalent in the cryptocurrency market. According to Matrixport’s analysis, Bitcoin’s (BTC) 21-day Relative Strength Index (RSI) remains in a neutral zone. Currently at 56%, the RSI is well below the overbought threshold of 70%, indicating that Bitcoin 
$78,062 is neither in an overbought nor oversold position.
Bitcoin’s RSI Value Draws Attention
Bitcoin’s 21-day RSI suggests that the price is not in an overbought or oversold zone. In March, when the RSI reached 80%, it led to a sharp decline in the cryptocurrency market.
Similarly, in July and August, when the RSI dropped to 25%, a significant price recovery occurred. According to Matrixport’s analysis, the current neutral RSI conditions make investors less vulnerable to price fluctuations, suggesting that volatility may decrease after the elections.
Volatility Selling Strategy Gains Interest
Matrixport analysts indicate that maintaining a neutral RSI level ahead of the 2024 US Presidential elections highlights volatility selling as a potential strategy this week. They anticipate that reduced uncertainties post-elections could lead to a decline in risk premiums, prompting analysts to encourage investors to seize this opportunity.
Currently, Bitcoin is trading at $68,850, having risen by 0.52% in the last 24 hours. The largest cryptocurrency had reached $73,500 last week but has since been on a downward trend, dropping to $67,500 over the weekend. Analysts assert that for the price to enter a sustained upward trend, it must maintain a position above the psychological barrier of $70,000 and break the previous record level of $73,750.
