Bitfinex: Bitcoin's weekly decline reaches a new high since the FTX collapse, with the weekly RSI indicating that the market is severely oversold

Bitcoin has just recorded its largest weekly decline since the FTX collapse at the end of 2022, and the weekly RSI has risen to (or touched) levels above the pressure point following the FTX event. It is important to note that an RSI bottom does not necessarily mean that prices will bottom out simultaneously, but it does indicate that the current market is in a severely oversold condition.