K33: Bitcoin selling pressure shows "surrender" extreme signals, may enter a consolidation phase of $60,000 to $75,000

According to market news, K33 stated in its latest report that the drop of Bitcoin approaching $60,000 last week may signal a local bottom. This round of selling has shown "surrender-like conditions" in the spot, ETF, and derivatives markets, including trading volume, funding rates, and options skew reaching extreme levels.

Some indicators show that Bitcoin's daily RSI has dropped to 15.9, the sixth lowest since 2015, only behind March 2020 and November 2018; the Crypto Fear and Greed Index has fallen to 6, marking the second lowest in history. K33 believes that Bitcoin may enter a consolidation phase in the range of $60,000 to $75,000, with reduced activity. While there is a possibility of support retesting, the risk of a significant downward movement below recent lows is limited.