Bitcoin’s Relative Strength Index Drops to Lowest Since 2020 Bear Market, Probability of Testing $50,000 Rises

Odaily News According to data disclosed by crypto analyst Scott Melker, Bitcoin short-term holders have recorded the largest loss-making sell-off in history, while approximately 5.3 million BTC held by long-term holders are in an unrealized loss state, with market sentiment turning extremely bearish.

Additionally, Bitcoin's daily Relative Strength Index (RSI) has fallen to around 15.5, its lowest level since the pandemic-induced bear market in March 2020, indicating the market is in a deeply oversold condition. Having already broken below $60,000, the probability of Bitcoin testing the $50,000 level has increased. However, if it can sustainably hold the key support level of $60,000 in the coming period, a rebound toward the 20-day EMA around $70,600 in the coming weeks is possible.