Bitcoin most oversold since 2020 crash: Can BTC rebound to $70K next?
Bitcoin is showing its most oversold daily RSI since the March 2020 crash, with RSI near 15.5 after a roughly 30% monthly drop. Despite heavy selling tied to geopolitical risks, higher oil prices, weaker Fed cut hopes, and worries over Strategy’s BTC sale, price has held above $60,000. That support increases the chance of a relief rebound toward the 20-day EMA near $70,650 in the coming weeks. A clean break below $60,000 would weaken the setup and could send BTC toward the mid-$50,000s. On-chain stress also points to capitulation: short-term holders are realizing record losses, and about 5.3 million BTC held by long-term holders is underwater, the highest level since the COVID crash. Similar conditions have marked major bottoms before, including the post-FTX low and the 2020 crash.
