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Bitcoin Posts Largest Weekly Drop Since FTX Collapse, RSI Indicates Severe Oversold Conditions

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$75,811.200.08%
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Bitcoin's weekly market report shows its biggest drop since the FTX collapse in late 2022. RSI levels now sit above the pressure point seen after that event. The RSI reading suggests severe oversold conditions. Traders note that while RSI bottoms can signal a floor, prices may still fall. The weekly market report highlights extreme short-term weakness.

BlockBeats news, on February 6, Bitfinex posted that Bitcoin has just recorded its largest single-week decline since the FTX crash at the end of 2022, and the weekly RSI has risen to (or touched) a level above the resistance level after the FTX incident.


It should be noted that RSI hitting a bottom does not necessarily mean that the price has bottomed out simultaneously, but it does indicate that the current market is in a severe oversold condition.

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