Bitcoin fell below $61,000 today, sparking both concern and opportunity among investors. While market volatility continues, analysts believe now may be the right time to consider buying Bitcoin.

One of the reasons for this bullish sentiment lies in the historical performance of the relative strength index (RSI). Renowned crypto analyst Ali Martinez points out that Bitcoin's daily RSI has only touched oversold territory three times in the last two years.

Notably, each of these cases was preceded by significant price hikes: 60%, 63% and a staggering 198%, respectively. RSI, a momentum oscillator, measures the speed and change of price movements.

Values below 30 signal that the asset is oversold, which could potentially lead to a price rebound. Given Bitcoin's current RSI level and its price falling below $61,000, some experts believe this could be a great opportunity to buy the dip.

Additionally, technical support levels have played a critical role in Bitcoin price history. The 50-day and 200-day moving averages (MAS) are especially important.

Bitcoin recently revised its range to lows near $60,000, a critical support level. The 50 average was broken a few days ago, while the 200 average is at $57,000.

Moving averages smooth out price data over certain periods. The current leveling of the moving averages indicates the stability of the Bitcoin price despite recent fluctuations.

Apart from technical indicators, fundamental factors are also favoring Bitcoin. For example, Bitcoin's fixed supply—limited to 21 million coins—creates a scarcity akin to precious metals such as gold.

While the overall cryptocurrency market is down, these three reasons suggest now may be the time to buy Bitcoin. However, be sure to conduct thorough research and make informed decisions based on your risk tolerance and investment goals.