Bybit analysts reported that Bitcoin ($BTC) suffered its steepest weekly percentage drop since the November 2022 FTX collapse, as the cryptocurrency fell from $73,760 to $59,130 during the week ending June 8.
Factors Behind the Sharp Decline
Bybit’s weekly review identified three concurrent pressures: robust U.S. employment figures that bolstered risk‑off sentiment, record‑level redemptions from spot Bitcoin exchange‑traded funds, and a strategic shift challenging the platform’s long‑standing “never sell $BTC” stance. These dynamics combined to erode confidence among crypto investors and accelerated the price slide.
Technical Signals Indicate an Oversold Market
During the same period, Bitcoin’s Relative Strength Index dropped to 15.45, while Ether’s RSI plunged to an unprecedented 12.78, marking the deepest oversold readings of the current cycle. Such extreme RSI levels typically precede a market‑wide capitulation, suggesting that investors were selling without regard to price fundamentals.
Potential Market Rebound and Investor Outlook
Short‑term buying pressure and a wave of short‑covering lifted Bitcoin back above the $61,000 threshold, yet the technical breakdown remains unresolved. While historically similar RSI extremes have foreshadowed a bounce, the absence of a confirmed bullish reversal leaves investors cautious about the near‑term trajectory of the crypto market.