$5K Bounce? Bitcoin Price May Have Hit Bottom For Now

Bitcoin (BTC) could be in for a stronger recovery rally in the next few days, having found a temporary bottom near $4,000.

The leading cryptocurrency, which hit a 14-month low of $4,048 on Bitstamp yesterday, is now trading at $4,580, representing a 2 percent gain on a 24-hour basis.

The $500 recovery seen yesterday indicates that the market is finally paying heed to the record oversold levels reported by the 14-day relative strength index (RSI). Currently, the indicator is still hovering in oversold territory below 30.00. As a result, BTC is unlikely to revisit yesterday’s low of $4,048 for now.

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