Bitcoin’s weekly Relative Strength Index (RSI) has plunged to levels last seen during its June 2022 bear market downturn, a momentum indicator suggesting the asset is deeply oversold. This occurred after a sharp sell-off increased downside pressure across the broader cryptocurrency market. Despite the significant correction, on-chain activity has remained relatively firm, indicating long-term holders have not substantially increased distribution.
Bitcoin has entered a significant technical phase after its weekly Relative Strength Index fell to a zone last observed in June 2022. This move followed an intense market sell-off that escalated downside pressure across the cryptocurrency sector.
At the time of writing, the coin was trading at approximately $69,915 according to market data. Its market cap exceeded $1.39 trillion, with trading volume around $138.77 billion.
The weekly RSI is a momentum indicator used to measure overbought or oversold conditions. The current reading indicates Bitcoin is strongly oversold on a higher-timeframe basis.
It reflects sustained selling pressure rather than short-term volatility. The token’s sharp decline occurred over a single trading session and was characterized by elevated selling volume.
Prices broke below several short-term support zones. Market data indicates this action coincided with increased liquidations in leveraged positions within derivatives markets.
Despite the severity, price movement has so far balanced above major long-term support areas established earlier in the cycle. This suggests larger systematic support has not yet been fully breached.
On-chain movement has remained relatively firm, “proposing that long-term holders have not crucially increased distribution during the recent downturn.” This divergence between price weakness and steady network activity is being closely observed.
Bitcoin‘s weekly RSI reaching June 2022 levels underscores the depth of the current correction. Historical precedent indicates further consolidation or volatility may still occur.
