BTC Relative Strength Index drops to the lowest level since the 2020 bear market, increasing the likelihood of testing $50k.

Golden Finance reports that crypto analyst Scott Melker disclosed data showing that short-term Bitcoin holders have recorded the largest scale of loss-selling in history, with about 5.3 million BTC in long-term holdings currently at a floating loss, and market sentiment has shifted to extreme pessimism.
In addition, Bitcoin's daily Relative Strength Index (RSI) has dropped to about 15.5, the lowest level since the March 2020 pandemic-induced bear market, indicating the market is in an extremely oversold state.
Since it has already fallen below $60k, the possibility of Bitcoin dropping to $50k has increased, but if it can continue to hold the key support level of $60k, it may rebound to around $70.6k near the 20-day EMA in the coming weeks.
BTC-0.71%
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