BTC jumps 1.42% in 15 minutes: RSI hits extreme oversold, triggering a technical rebound as short covering amplifies the rally

From 05:15 to 05:30 (UTC) on June 6, 2026, BTC/USD surged 1.42% within 15 minutes. The price rebounded from 59,866.0 USDT to 61,067.2 USDT, with a swing of 2.01%. The move occurred amid two consecutive days of declines for Bitcoin, with price in the intraday period nearing the $60,000 key support level, as market volatility notably intensified.

The main drivers behind this anomaly were bounce demand triggered by an extreme technical oversold condition. BTC’s daily RSI had fallen to the 7.69–17 range in early June, setting the lowest record since 2024. Combined with price testing the $60,000 psychological level, some quant strategies automatically triggered buy signals, leading to a concentrated release of buy orders. Meanwhile, within 24 hours, the share of crypto market long positions liquidated was 73.1%; open interest over the following 7 days dropped 15.78%. After the deleveraging systemically cleared leverage, shorts were forced to close, creating a “short squeeze” effect that further amplified the short-term upside.

In addition, highly concentrated long positions from retail traders (one major exchange’s BTC/USDT long share at 66.9%, with the long/short ratio at 2.02) increased the sensitivity of the long-vs-short battle. On the macro level, the Fed maintained high interest rates and rate-cut expectations failed, while rising geopolitical risks continued to weigh on risk assets. However, in the short term, the technical downside had already been fully priced in, triggering some contrarian capital to enter. The Fear and Greed Index is still in the extreme fear zone of 12, reflecting a severely depressed market sentiment.

What to watch is that ETFs have now recorded net outflows for 13 straight trading days, with cumulative withdrawals of about $4.4 billion. The stablecoin dominance breaking above 12.4% indicates ongoing risk of capital flowing out of risk assets. After the short-term rebound, if it cannot effectively break the $61,000 resistance level, the market may resume its downtrend.