Bitcoin was trading at $61,848 when analyst Michaël van de Poppe said the asset’s monthly RSI had fallen to the lowest level in its trading history. The Relative Strength Index is commonly used to measure the strength of price action, with readings below 30 often viewed as oversold and those above 70 seen as overbought. In van de Poppe’s view, the current monthly reading is even weaker than levels seen at prior bear market lows, placing Bitcoin in one of its strongest periods of downside momentum and near a price zone that matches past cycle bottoms.
Weekly RSI and MACD point to persistent selling
Van de Poppe also flagged weakness on the weekly chart, where Bitcoin’s RSI dropped below 30 this year. He said a similar setup had only appeared during the sharp sell-off in 2022. A short point: the structure looks familiar.
On the weekly MACD, Bitcoin posted its largest negative expansion so far, reinforcing the view that selling pressure remains strong. He added that several on-chain metrics are moving toward readings previously seen near bear market lows. With technical and on-chain signals lining up, traders are focused on whether the market is approaching another important support test rather than a clean reversal.
The $57,500 to $62,000 zone remains the key area
Even with broad weakness, Bitcoin is still holding above a major support region. Based on the MA Ribbon figures cited in the report, BTC was priced at $61,893, below the 20-week moving average at $70,032, the 100-week average at $88,384, and the 200-week average at $88,580. Price is also trading near the 50-week moving average at $62,652, a level described as important near-term support.
The same data set places the lower support region at $57,500. A recovery above the 20-week average near $70,000 would improve the technical picture, while a sustained break below $57,500 could reopen downside pressure. For now, the market is watching whether the $57,500-$62,000 area can continue to hold and whether Bitcoin can retest the $70,000 region.
Bollinger Bands keep traders cautious
Bollinger Bands also show that the market is still under pressure. The upper band stands at $82,551, the middle band at $70,032, and the lower band at $57,513. With BTC trading much closer to the lower band, caution remains in place. If buyers can defend the area around $57,500, attention will shift to whether price can move back toward the middle band near $70,000.