Bitcoin RSI Falls to 15.5, Lowest Since March 2020; $60K Support May Lead to Rally Toward $70.6K

According to Cointelegraph, on June 6, Bitcoin's daily RSI (relative strength index) dropped to approximately 15.5, marking the lowest level since the March 2020 pandemic crash and signaling extreme oversold conditions. Historical data shows similar RSI levels were followed by BTC rallies of approximately 50% in 2020 and 30% in February 2026.

Bitcoin has fallen roughly 30% over the past month but continues to hold the key $60,000 support level. If this support holds, BTC may rally toward $70.6K in the coming weeks; a breach below $60K could trigger a drop to the mid-$50K range. Crypto analyst Scott Melker cited Checkonchain data showing that short-term holders have recorded the largest losses on record, while approximately 5.3 million BTC held by long-term investors are underwater—the highest level since March 2020.