BTC is sitting at $61,400 and the chart is telling a very specific story.

The daily RSI just printed 29. The weekly RSI is at 39 and curling.
The last two times BTC touched these RSI levels on the daily, it did not stay there long.
$74,800 is the key level everyone is watching. That was the previous structure high before the breakdown.
Price needs to reclaim it with conviction or this bounce means nothing.
Here is what the chart is showing right now:
Daily RSI: 29.49 — deeply oversold
Weekly RSI: 39.80 — approaching oversold, not there yet
Daily MACD: still negative at -1,417 but histogram compression visible
Weekly MACD: deeply negative, no crossover yet
The weekly tells the honest story. We are not confirmed yet.
A daily close above $74,800 with RSI pushing back through 40 is the first real signal.
Without that, every bounce is a relief rally inside a downtrend.
The level is clear. The confirmation criteria is clear.
Now we wait for the candle to close and let the chart do the talking.
This is a supply squeeze waiting for a catalyst to pull the trigger.