Bitcoin has dropped approximately 30% over the past month, with its daily RSI falling to around 15.5—the lowest level since March 2020 during the pandemic—indicating an extremely oversold market. Analysis suggests that if Bitcoin holds the $60,000 support level, it could rebound to approximately $70,700; however, a break below $60,000 may lead to further declines toward the mid-$50,000 range. Cryptocurrency analyst Scott Melker noted that about 5.3 million long-term held Bitcoin are currently underwater, exceeding the levels seen during the FTX collapse and reaching the highest point since the 2020 pandemic. He believes market sentiment is highly synchronized with price movements, but it remains uncertain whether the bottom has been reached.
Bitcoin RSI Hits Lowest Level Since 2020 Amid 30% Monthly Decline
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Summary
Bitcoin’s RSI has fallen to 15.5, the lowest level since March 2020, as Bitcoin news reflects a 30% monthly decline. The market is now extremely oversold. Analysts suggest Bitcoin could rebound to $70,700 if it holds the $60,000 support level; a break below that may push prices into the mid-$50,000 range. Scott Melker noted that 5.3 million long-held Bitcoin are currently in a loss position—the highest since 2020.
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