Glassnode: Bitcoin RSI Rule Caps Drawdown at 20%

Glassnode reported that its backtesting engine uncovered a Bitcoin-native rule buying when the 30-day RSI of entities in profit crosses above its threshold, limiting worst drawdown to 20% since July 2023 against 53% for holding.

Bitcoin trades at $79545.31 inside the Bollinger Bands with the lower support at $79449.42 and upper resistance at $81148.97. The 4-hour structure remains bearish as price sits below both the EMA50 at $81120.06 and EMA200 at $81756.4, while MACD prints a death cross at -467.04 and RSI at 35.44 stays neutral. With price hugging the lower Bollinger band near $79449.42 amid the bearish EMA stack, a bounce toward the EMA50 confluence at $81120 appears the next logical test before any sustained recovery.