Bitcoin RSI Falls to 26.84, One of Most Oversold Weekly Levels on Record

Bitcoin has entered one of its most oversold weekly conditions on record, with the weekly Relative Strength Index at 26.84 after six consecutive weekly declines and five straight months of losses, crypto research and brokerage firm K33 said in a report cited by The Block. K33 Head of Research Vetle Lunde said derivatives markets show extreme bearish positioning, with Bitcoin perpetual futures' 30-day average funding rate turning negative for only the tenth time since 2018. Historical data under similar setups showed an average 30-day return of about 13% and win rates over 90 and 180 days of 78%, with average gains of 62% and 101%, Lunde noted. Bitcoin is trading around $71,000, up 4.7% in the past 24 hours.