"Strongest Dip Signal for Bitcoin Since 2015"

A new report published by K33 Research indicates that the price of Bitcoin (BTC) may have found a bottom around $60,000 and that panic selling may have occurred in the market. The recent sharp selling pressure in the cryptocurrency markets has raised concerns among many investors, but promising data has begun to emerge from analysis companies.

K33 stated that after the Bitcoin price fell to the $60,000 threshold last week, the market may have reached a local bottom. According to the company's report, extreme data observed across a wide range of spot markets and derivative instruments suggests that a panic selling process has taken place. K33 Research Director Vetle Lunde pointed out unusual movements in trading volumes, funding rates, and options data.

The daily Relative Strength Index (RSI) value for Bitcoin has fallen to as low as 15.9, indicating one of the most oversold regions seen since 2015. It is emphasized that similar levels were previously seen only during major cycle bottoms in 2018 and 2020. Furthermore, the Fear and Greed Index dropping to as low as 6 points serves as evidence of the deepening pessimism in the market.

The extent of stress in derivative markets has been clarified by the funding rates falling to their lowest levels since the banking crisis in March 2023. Funding rates for Bitcoin perpetual futures contracts have dropped to -15.46% year-on-year, signaling that investors have taken defensive positions. During the same period, there has also been record activity in the U.S.-based spot Bitcoin ETF. BlackRock's IBIT fund broke its own record with trading volumes exceeding $10 billion, while a net outflow of 13,670 Bitcoin (BTC) occurred on a weekly basis.

In light of all this data, K33 analysts predict that the price of Bitcoin will enter a consolidation phase between $60,000 and $75,000. While the market is expected to trade sideways within this range in the coming weeks or months, it is anticipated that the $60,000 level will remain a strong support point. Analysts do not expect the price to permanently fall below this level; however, they state that the market will need more time to recover.