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The Relative Strength Index (RSI) of Bitcoin has fallen to its lowest level since the 2020 bear market, increasing the likelihood of a dip to $50k.

MarsBitNews
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Mars Finance News, crypto analyst Scott Melker revealed data showing that short-term Bitcoin holders have recorded the largest-scale loss-selling in history, with about 5.3 million BTC in long-term holdings in a floating loss state, and market sentiment has turned extremely pessimistic. Additionally, the Bitcoin 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 condition. 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.
BTC1.67%
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