Especially on the 6h timeframe, to a lesser degree on the 12h and 1d chart, the RSI has been oscillating within a narrow band and has essentially flatlined since the price stalled at around 71K and then proceeded to slide down again.
Maybe I am just grasping at straws, but nevertheless I do wonder if this could tentatively be interpreted as a growing sign of strength?
While a breach of 60K is still entirely possible, it is notable IMHO that the price refuses to simply crash, despite yesterday's elevated VIX readings and stock market wobbles, one could add.
The price action vaguely reminds me of what we witnessed between Feb and April 2025, or between August and Sep 2024.
One could of course object that we eventually did move lower in the second example, however, monthly and weekly RSI as well as fear and greed readings were not at rock bottom levels as they are today.
Though I have taken note of 50K bottom predictions, for the time being to me it does not feel as if the market is in a particular rush to get there. Perhaps the price will keep moving down slowly and will intersect with deeper trendlines like the realised price, the cost of production or the 200 ma somewhat closer to 60K in a few weeks to months' time.
If Feb 5 was a 0.05 percent probability event, then one can safely sign that the probability of another downswing of comparable force occurring within a short span of time should be negligible. If anything, a corresponding counter-reaction in the shape of a bounce should be expected and looks increasingly overdue, given all the confident "50K bottom proclamations". All considered, I am currently inclined to believe that the bottom is either already in or will be closer to 60K than to 50K.
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Youtuber & Trader ECKrown points out that priced in gold, BTC has already found a bottom and seems to be leaning towards a left-translated, accelerated cycle, if I understand him correctly.
https://www.youtube.com/@ECKrown/videos
