Bitcoin Hits Most Oversold Level Against Gold in 3 Years as BTC Risks Falling Below $100K

Core Insights - Bitcoin (BTC) is experiencing a decline in price, with bulls hoping for a rotation of investment from gold to BTC as the latter appears oversold against gold [1][2] - The 14-day relative strength index (RSI) for BTC has dropped to 22.20, indicating oversold conditions, which may suggest that BTC is undervalued relative to gold [2] - Despite the oversold RSI reading, a bullish reversal for BTC is not guaranteed without confirmation from other technical indicators [3] Technical Analysis - The BTC/gold ratio is in a downtrend, characterized by a death cross of the 50- and 200-day simple moving averages (SMA), indicating seller dominance [4] - BTC's dollar-denominated price is expected to test the lower end of an expanding channel, currently below $100,000, with the 14-day RSI not yet in oversold territory [5] - The 200-day SMA is a critical level for BTC, with current prices below this average suggesting potential further selling pressure [6]