K33: Bitcoin May Have Bottomed Out, Poised for Consolidation Phase Between $60,000 and $75,000

BlockBeats News, February 11th, according to The Block, K33 stated that Bitcoin's drop to $60,000 last week may have marked a local bottom. This round of sell-off saw a "capitulation-like condition" in the spot, ETF, and derivatives markets, including extreme readings in trading volume, funding rates, and option skew. Some on-chain data indicated that Bitcoin's daily RSI dropped to 15.9, the sixth-lowest since 2015, only behind March 2020 and November 2018; the Crypto Fear and Greed Index fell to 6, the second-lowest in history. K33 believes that Bitcoin may now consolidate in the $60,000 to $75,000 range, with a possibility of support retest, but the downside risk below the recent lows is limited.