Bitcoin Posts Largest Weekly Drop Since Late-2022 FTX Collapse, RSI Shows Severe Oversold Conditions

Bitcoin recorded its largest single-week decline since the FTX collapse in late 2022, with the weekly RSI rising to or testing pressure levels last seen after that event, Bitfinex said on Feb. 6. The exchange noted that while an RSI bottom does not necessarily indicate a price bottom, it signals the market is in a severely oversold state.