Bitcoin may have just printed a local bottom near $60K.
According to K33, last week’s sell-off showed clear “capitulation-like” signals across spot, ETFs, and derivatives — the kind of extremes typically seen near cycle lows.
Here’s what stood out:
• Daily RSI dropped to 15.9 — one of the most oversold readings since 2015 (only March 2020 & Nov 2018 were lower).
• 95th percentile spot volumes printed back-to-back — something last seen during the FTX collapse.
• Funding rates flipped deeply negative (down to -15% annualized), showing aggressive short positioning.
• Options skew moved into extreme defensive territory.
• Fear & Greed Index hit 6 — second lowest ever.
• IBIT saw record trading volume ($10B+) alongside heavy ETF outflows.
Historically, this kind of panic + volume spike + extreme sentiment tends to form local bottoms, though consolidation and retests are common afterward.
K33 expects a range phase between $60K–$75K in the coming weeks/months, with reduced momentum and lower probability of significant downside below $60K.
Capitulation often feels worst at the bottom. The data suggests sellers may already be exhausted — now the market likely cools off before the next major move.
