[Traders Expect a Short-Term Bitcoin Rebound as RSI Hits Extreme 'Oversold' Levels] BlockBeats News, December 19, according to a report by Cointelegraph, traders anticipate a potential short-term rebound for Bitcoin. Data shows that the BTC/USD Relative Strength Index (RSI) is at an extremely 'oversold' level, dropping to its lowest point in nearly three years. Bitcoin has fallen 36% from its all-time high of $126,000 to $80,500, which has significantly impacted the RSI indicator on higher timeframes. On the weekly chart, RSI has dropped from a local high of 64 in September to the current level of 35. The last time this level was seen was in January 2023, when Bitcoin was trading at approximately $15,500–$17,000. Analyst Jelle stated: 'Historically, when the weekly RSI reaches this level, it’s worth paying attention.' He added: 'Either we are near the bottom, or we are about to experience a much larger downward move soon.' Mister Crypto noted in a post on X on Friday that Bitcoin’s Stochastic Relative Strength Index (Stochastic RSI) indicates the deepest oversold level in the entire cycle, saying, 'The likelihood of a short-term rebound is very high.'