Bybit report outlines drivers behind Bitcoin's drop below $60K and oversold signals

Bybit analysts said Bitcoin's slide below $60,000 stemmed from a multi-week structural breakdown rather than indiscriminate panic. In the week ending June 8, BTC fell from $73,760 to $59,130, while RSI readings for ETH (12.78) and BTC (15.45) pointed to the most oversold conditions of this cycle. The report added that ETF outflows, stronger U.S. jobs data, and Strategy's 32 BTC sale for $2.5 million weighed on sentiment, with no confirmed reversal yet.