Autor Cointelegraph By Yashu Gola

Bitcoin (BTC) is now flashing its most oversold signal since the COVID-19 crash, raising the odds of a relief rebound toward $70,000 in the coming weeks.Key takeaways:Bitcoin’s daily RSI has dropped to around 15.5, its most oversold reading since the March 2020 COVID crash.Similar oversold RSI readings in 2020 and February 2026 preceded sharp relief rebounds of about 50% and 30%, respectively.BTC refuses to go under $60,000 amid extreme oversold conditionsAs of Saturday, Bitcoin’s daily relative strength index (RSI) stood near 15.5, well below the 30 level that typically marks oversold conditions and its lowest reading since the March 2020 market crash.BTC/USD daily chart. Source: TradingViewThe extremely oversold reading followed a roughly 30% decline in BTC over the past month, as geopolitical risks, higher oil prices, fading hopes for a 2026 Federal Reserve rate cut, and panic over Strategy’s latest Bitcoin sale weighed on sentiment.Oversold readings this extreme often appear near seller-exhaustion zones where short-term buyers begin positioning for a relief rebound.In 2020, Bitcoin’s RSI dropped to around 15.56 before BTC rebounded by about 50%, helped by the Federal Reserve’s emergency shift to near-zero interest rates and large-scale bond purchases.BTC/USD daily chart. Source: TradingViewHowever, Bitcoin has also staged sharp rebounds from deeply oversold RSI levels without major macro catalysts. In February 2026, for instance, BTC’s daily RSI dropped to around 15.86 while price held above the $60,000 support area. The signal preceded a nearly 30% recovery toward $82,850.BTC/USD daily chart. Source: TradingViewBitcoin bulls are again defending $60,000, with bears failing to secure a decisive breakdown despite high-volume selling. Holding above this level increases the odds of an oversold bounce in the coming weeks toward the 20-day exponential moving average (20-day EMA, the green line) at around $70,650.Conversely, a decisive break below $60,000 would weaken the rebound setup and open the door to a deeper drop toward the mid-$50,000s, where Bitcoin may look for an oversold bounce.Bitcoin bottom is close: AnalystBitcoin short-term holders are realizing their largest losses on record, according to Checkonchain data cited by crypto analyst Scott Melker.The short-term holder realized profit/loss ratio has dropped to a new all-time low, falling below levels seen in previous Bitcoin drawdowns.Bitcoin short-term holder realized profit/loss ratio vs. price. Source: CheckonchainThe metric tracks whether recent buyers are selling at a profit or loss. A deeply negative reading means newer holders are exiting below their cost basis, signaling panic selling.Melker also noted that roughly 5.3 million BTC held by long-term holders is now underwater, above the post-FTX peak and the highest level since the March 2020 COVID crash.Related: Chance of new Bitcoin lows ‘extremely slim’ as long-term holders’ supply tops 15M BTCSimilar stress has appeared near past capitulation zones. Bitcoin bottomed near $15,500 after FTX before rallying roughly 690% to around $126,000 in 2025. After the COVID crash, BTC rose about 1,700% from $3,800 to nearly $69,000.”Sentiment has tracked price almost perfectly,” Melker said, adding: “Traders were euphoric at the May peak, then hit peak despair on June 3. That’s usually when the bottom is close. Usually.”

Bitcoin (BTC) is heading for its worst weekly performance since November 2022, down around 15% week-to-date as of Friday.BTC/USD weekly chart Source: TradingViewBTC was trading near $62,500 after briefly dropping toward $61,000 earlier in the session. The roughly $1,500 rebound showed bulls are still trying to defend the psychologically important $60,000 support level.How low can Bitcoin go if it breaks below $60,000? Key takeaways:Bitcoin is testing its 200-week SMA near $61,800, a level that has historically acted as major cycle support.Analyst says $55,000 may be Bitcoin’s worst-case downside if the 200-week SMA continues to hold.Bitcoin to $55,000 is the worst-case scenario: AnalystBitcoin may print a brief wick below $60,000 before finding stronger demand, according to analyst Radz.In a Friday post, he said $55,000 could mark the “worst” downside scenario for Bitcoin, citing the 200-week simple moving average (200-day SMA, pink) as the core reason behind his bullish outlook.BTC/USD weekly chart. Source: BarChart/TradingViewThat level has historically acted as one of Bitcoin’s strongest long-term support zones. Previous retests of the 200-week moving average in 2019, 2020, 2022 and 2023 either marked major cycle lows that preceded strong recovery phases.In February 2026, Bitcoin rose by over 37% after testing the 200-week SMA as support too. This week is BTC’s second attempt this year to hold above the pink line, as it treads around $62,000.Bitcoin bear flag warns of deeper correction toward $50,000A maturing bear flag on Bitcoin’s chart suggests the correction may extend well below the $55,000 area.As of Friday, BTC had broken below the flag’s lower trend line, with rising trading volume showing stronger conviction behind the move. In technical analysis, a bear flag forms when the price consolidates higher inside a narrow channel after a sharp decline, before resuming the prior downtrend.The measured target is calculated by subtracting the height of the preceding decline from the breakdown point. In Bitcoin’s case, that projects a downside target near the $50,000–$51,000 support zone.That area also aligns with previous horizontal support, making it the next major level to watch if BTC fails to reclaim the flag’s lower trend line over the next few days.Bitcoin onchain data points to $50,000–$54,000 targetBitcoin’s onchain data points to a similar target as the bear flag setup.Glassnode’s MVRV pricing bands show BTC’s realized price (purple) near $53,740. In simple terms, realized price is the average price at which the Bitcoin supply last moved onchain. In the past, this level acted like a major support level during correction cycles.BTC MVRV extreme deviation pricing bands. Source: GlassnodeThe same chart also shows another key support level (blue) near $50,560, where Bitcoin would look much cheaper based on onchain valuation.Related: Bitcoin fell 21% after Strategy’s debt buyback news: Is Terra Luna-style doom loop next?Together, these levels create a support zone between roughly $50,000 and $54,000. That lines up closely with the bear flag target near $50,000 to $51,000.Bitcoin cup-and-handle breakdown risks drop toward $33,000Bitcoin’s weekly chart is showing another bearish setup: a possible cup-and-handle breakdown.The pattern shows BTC forming a rounded top, followed by a smaller rebound attempt inside the handle. Bitcoin price is now weakening near the lower end of that handle, close to the 200-week SMA and the $60,000 support level.BTC/USD weekly chart. Source: TradingViewIf Bitcoin breaks below this area decisively, the downside target from the pattern sits near $33,000.

Bitcoin’s (BTC) brief plunge toward the $60,000 area triggered more than $600 million in long liquidations, raising doubts over whether the latest rebound marks a real bottom or only a relief bounce after a leverage flush.BTC price may rebound toward $70,000 nextBTC fell to roughly $61,300 on Thursday before recovering 5.52% to around $64,690, with the rebound coinciding with reports that Israel and Lebanon had agreed to implement a ceasefire.BTC/USD four-hour chart. Source: TradingViewThe volatile move liquidated over $737 million in BTC positions on a 24-hour rolling basis, with long traders taking most of the hit, according to data resource CoinGlass. BTC total liquidations. Source: CoinGlassOver $617 million in long positions were wiped out, showing how aggressively bullish traders were positioned before the sell-off.Still, Bitcoin’s sharp 5.52% rebound encouraged some traders to call for a bottom.Trader RidaaXBT said BTC could stage a relief bounce toward the $69,000–$70,000 range, implying that the liquidation-driven selloff may have exhausted near-term sellers. Related: Analyst says Bitcoin’s $60K bottom signals weaken bear-market forecastAnalyst ZordXBT shared a similar view, pointing to Bitcoin’s long downside wick as a sign that buyers stepped in aggressively near the lows.Source: XOn the other hand, crypto trader Hitman42.eth warned that BTC bulls may be celebrating too early, noting that the Bitcoin bounce may end up trapping bulls.Source: XBitcoin bear flag keeps $50K target in playBitcoin’s weekly chart still shows a bear flag breakdown in progress, keeping the risk of a deeper drop toward the $50,000–$52,000 area alive. The setup follows BTC’s failure to reclaim the flag’s upper trend line, with rising volumes adding weight to the downside move.BTC/USD weekly chart. Source: TradingViewHowever, the bearish scenario is not confirmed as long as BTC trades above its 200-week simple moving average (200-week SMA, blue line) at around $61,800. This level has acted as a major cycle-bottom zone in past Bitcoin bear markets, including 2015, 2018 and 2020.A strong rebound from the 200-week SMA would weaken, or potentially invalidate, the bear flag breakdown, putting BTC price in position to test $70,000 as the next upside target.

A crypto whale who stubbornly held his HYPE short through May’s rally has finally been punished as Hyperliquid’s token kept climbing.Key takeaways:Trader has opened fresh long positions in Arthur Hayes’ trinity coins: HYPE, ZEC, and NEAR.HYPE has extended its bull pennant breakout and is now eyeing a rally above $100.Whale reverses HYPE bet after $46.46 million lossOn Tuesday, the trader known as “loracle.hl” finally closed his HYPE short, locking in a $46.46 million loss, according to data resource HyperBot.Loracle.hl’s closed perpetual trades. Source: HyperBotThe position also cost him more than $54,000 in funding fees, showing how aggressively he had bet against HYPE’s bullish trend. Shortly after closing the losing short, Loracle.hl flipped long, opening a 2x leveraged position on 82,200 HYPE, worth about $5.98 million, at around $70.20, according to HypurrScan data.Loracle.hl’s open perpetual trades. Source: HypurrScanBy Wednesday, the trade was already sitting on more than $213,000 in unrealized profit as HYPE climbed to $72.80.Whale goes net long on Hayes’ “Holy Trinity”Loracle.hl’s reversal was not limited to HYPE.HypurrScan data shows the trader also holding long positions in ZEC and NEAR, effectively putting him net long on BitMEX co-founder Arthur Hayes’ so-called “holy trinity” trade: HYPE, NEAR, and ZEC.The wallet held roughly $5.98 million in HYPE, $5.46 million in ZEC and $2.63 million in NEAR exposure as of Wednesday.Loracle.hl’s open perpetual trades. Source: HypurrScanThe three positions were already collectively up by more than $920,000, led by over $521,000 in unrealized profit on ZEC, roughly $213,450 on HYPE and around $185,900 on NEAR.The pivot suggests Loracle.hl has capitulated and joined the “holy trinity” momentum.Hayes has assigned aggressive upside targets to all three tokens. He has projected HYPE could reach $150 by August 2026, NEAR could deliver a 20x return by 2027, and ZEC could rise 5x over the next year, making them his preferred high-beta trades outside Bitcoin.Related: How high can NEAR price go in June?HYPE bull pennant puts $105 target in focusHYPE’s bull pennant breakout keeps its upside target near $105, about 45% above current prices. HYPE/USD daily chart. Source: TradingViewThe setup formed after the token’s sharp late-May rally, followed by a tight consolidation marked by lower highs and higher lows. A pullback could retest the 20-day EMA near $60.70. For Loracle.hl, whose 82,200 HYPE long was opened near $70.20, a rally to $105 would lift the unrealized profit to roughly $2.86 million, excluding funding fees.

NEAR, the native token of the AI- and privacy-focused Near Protocol, has been an outlier in the broader crypto market, outperforming top coins such as Bitcoin (BTC) and Ether (ETH) in recent weeks.As of Tuesday, NEAR traded as high as $2.75, marking a nearly 20% rebound in the last 24 hours. In comparison, the crypto market capitalization dropped by 3.7% in the same period.NEAR/USD four-hour chart. Source: TradingViewKey takeaways:NEAR’s bounce from a multi-year bottom zone raises the odds of its price rising toward $3.77.Fundamentals remain supportive, with NEAR Intents processing $19.69 billion in volume and generating $32.64 million in fees.NEAR fractal targets 40% price gains NEAR’s weekly chart shows the token rebounding from a long-term bottom area near $0.90–$1.10, a zone that also preceded its major rallies in 2021 and 2024.The 2021 rebound from the bottom area delivered 2,375% gains, while the 2024 recovery produced a 900% rally before the top. In each case, the rally exhausted at NEAR’s descending trend line resistance.NEAR/USD weekly chart. Source: TradingViewThe current setup is smaller but structurally similar. As of Tuesday, NEAR had bounced 225% after bottoming inside the $0.90–$1.10 area in February and was approaching its multi-year descending trend line resistance. The primary upside target came around the $3.40–$3.77 range, aligning with NEAR’s 200-week exponential moving average (200-week EMA, the blue line) and the 0.382 Fibonacci retracement level. That would mark an upside of roughly 25%–40% from current prices. Related: NEAR protocol leads AI token rally with a 50% pump: Is $5 NEAR price next?Conversely, NEAR faces strong resistance in the $2.61–$2.72 area, a range coinciding with its 100-week EMA (purple) and 0.236 Fib line. NEAR/USD weekly chart. Source: TradingViewFailing to break this level decisively may result in a pullback toward the 5o-week EMA at around $2, down by roughly 30% from current prices. Also, NEAR’s weekly relative strength index (RSI) is near 68, showing momentum is strong but nearing overheated territory. A move above 70 would put NEAR in the classic overbought zone, increasing the odds of short-term consolidation or a pullback toward $2.NEAR Intents, June upgrade support bullish CaseNEAR’s fundamentals favor the upside. Investor sentiment has improved around the protocol’s AI, privacy, and cross-chain infrastructure push. That includes NEAR Intents, a cross-chain transaction system that lets users move assets across blockchains without manually handling bridges or fragmented liquidity. The product has processed $19.69 billion in volume and generated about $32.64 million in fees, according to DefiLlama data.Near Intents TVL, fees, revenue, and DEX volumes. Source: DefiLlamaThe bullish case has also strengthened ahead of NEAR’s expected June network upgrade, which is set to introduce dynamic resharding. The feature is designed to automatically add network capacity as demand rises, improving scalability without requiring users or developers to manage the underlying infrastructure.BitMEX Co-Founder Arthur Hayes predicted that NEAR’s price will grow 20x in the long term.