K33 Research has made a good argument that a bottom of Bitcoin could be near $60,000. In the eyes of the firm, numerous on-chain and derivatives indicators hit their extreme levels that are normally observed during market capitulation. Above all, these signals were shown concurrently. That cluster reinforces the point that forced selling has passed to a large extent. Consequently, analysts feel that downside momentum can no longer be as strong.
LATEST: K33 sees a strong case that Bitcoin bottomed at $60,000, citing capitulation-like conditions such as the RSI hitting 15.9, funding rates at -15.46%, and $32 billion in two-day spot volume. pic.twitter.com/fn9c91xiEN
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RSI Reaches Over sold Limits
To begin with, the Relative Strength Index (RSI) of Bitcoin dropped to 15.9. This is one of the most over-sold readings in the entire history of the trading of Bitcoin. Actually, K33 observes that this is the lowest level of RSI the sixth time in history. Traditionally, these readings are likely to be made towards macro bottoms and not mid-trend pullbacks. Thus, the selling pressure seems exhausted instead of being accelerated.
Meanwhile, the rates of funding had fallen to -15.46. This level indicates the aggressive shorting of derivatives markets. Generally, negative funding of a deep nature would mean that traders are contributing a premium to stay short. Nonetheless, such circumstances usually arise when panic reaches the height and leverage drains. As a result, negative funding in such magnitude has been a precursor to severe downfalls or extended consolidation.
Bitcoin Volume at the Spots Confirms Capitulation
In the meantime, spot markets had an almost 32 billion volume in a span of two days. Such a spurt indicates wholesale position dumping as opposed to retail selling. When the volume is large when price is falling it is a common sign of capitulation. Weak hands exit. The hands are stronger and suck in supply. Therefore, the point that sellers are possibly dwindling in ammunition is allowed by this activity.
What K33 Expects Next
Instead of requesting a direct breakout, K33 anticipates tightening at the range of $60,000-75,000. This would give the market a reset leverage and a structure to be rebuilt. Notably, bottoms are processes and not single candles. Before a sustained trend is established, capitulation is usually followed by lateral action. However, currently, the trading of Bitcoin at around 62,000 is in line with this thesis.
Predictably, the community responses are conservative positive. The setup is considered as an accumulation phase by many traders and not an extension of the downtrend. But there are others who are skeptical. According to them, confirmation is slow, particularly during macro uncertainty. Nevertheless, the statistics indicate that the fear has gone up quicker than the price has gone down. The fact that $60,000 is holding makes it stronger to support the overall structural strength of Bitcoin despite volatility. More to the point, it demonstrates that the extreme fear does not cascade downside anymore. Such a dynamic usually serves as the shift between panic and patience. During these briefing moments, the market might have passed the worst moments already- although confidence is yet to be regained.
The post Bitcoin Bottomed at $60K? Capitulation Signals Are Flashing appeared first on Coinfomania.
