Bitcoin's relative strength index drops to its lowest level since the 2020 bear market, increasing the likelihood of a decline toward $50,000

According to Odaily Planet Daily, crypto analyst Scott Melker disclosed data showing that Bitcoin short-term holders have recorded the largest realized loss selling in history, with approximately 5.3 million BTC held by long-term holders in a state of unrealized loss, as market sentiment has turned extremely pessimistic.

Additionally, Bitcoin's daily Relative Strength Index (RSI) has fallen to around 15.5, its lowest level since the bear market triggered by the pandemic in March 2020, indicating that the market is in an extremely oversold condition. Having already dropped below $60,000, the possibility of Bitcoin testing the $50,000 level has increased. However, if it can successfully hold the key support level of $60,000 in the coming period, a rebound toward the 20-day EMA, around $70,600, could be possible in the next few weeks.