Bitcoin's RSI Falls to 15.5, Lowest Since March 2020 Bear Market, $50K Support at Risk

According to crypto analyst Scott Melker, Bitcoin's daily RSI has fallen to 15.5, its lowest level since the March 2020 pandemic-driven bear market, signaling extreme oversold conditions. The asset has dropped below $60,000, raising the possibility of further downside toward $50,000.

Melker's data shows short-term holders have recorded historically large-scale losses. Approximately 5.3 million BTC held by long-term holders are currently underwater, indicating a shift to extreme market pessimism.