Bitcoin is trading at weekly RSI levels historically seen near bear market bottoms, suggesting selling pressure may be easing. This momentum zone has repeatedly appeared during late-stage capitulation phases, indicating a potential major turning point.
Analyst Batman notes that while this doesn't confirm the bottom is in, Bitcoin is typically closer to a structural low than a fresh collapse when RSI reaches these levels on the weekly timeframe. Even during the 2022 bear cycle, after RSI entered this extreme zone, the price printed one final lower low very close to the ultimate bottom.
Bitcoin has also printed six consecutive weekly lower highs, a rare pattern last seen during the COVID crash in 2020. The cryptocurrency is currently slipping beneath the 200-week Exponential Moving Average (EMA) and the Volume Point of Control (POC).
Analysts suggest that oversold conditions combined with these structural patterns make sustained downside continuation less convincing. The broader megaphone formation remains intact, projecting potential targets above $300,000 and keeping the long-term expansion thesis active.