Bitcoin's Relative Strength Index Hits Lowest Level Since 2020 Bear Market, Possibility of Dropping to $50,000 Increases

Odaily Planet Daily News Crypto analyst Scott Melker disclosed data showing that Bitcoin short-term holders have recorded the largest loss-selling in history, with approximately 5.3 million BTC among long-term holders in a state of unrealized loss, and market sentiment has turned extremely bearish.

Additionally, Bitcoin's daily Relative Strength Index (RSI) has dropped to about 15.5, the lowest level since the bear market triggered by the pandemic in March 2020, indicating the market is in an extremely oversold condition. Having already fallen below $60,000, the possibility of Bitcoin dipping to $50,000 has increased. However, if the $60,000 key support level can be held continuously in the coming period, it may rebound to around $70,600 near the 20-day EMA moving average in the next few weeks.