PANews reported on June 6th that, according to Cointelegraph, Bitcoin's daily Relative Strength Index (RSI) has fallen to approximately 15.5, the lowest level since the March 2020 crash due to the pandemic, indicating that the market is extremely oversold. Historical data shows that similar levels occurred in 2020 and February 2026, followed by BTC rebounds of approximately 50% and 30%, respectively.

Currently, after experiencing a drop of approximately 30% over the past month, Bitcoin is still holding the key support level of $60,000. Analysts believe that if this support remains effective, BTC may rebound to around $70,600 near the 20-day EMA in the coming weeks; if it falls below $60,000, it could further decline to the mid-$50,000 area.

Furthermore, crypto analyst Scott Melker, citing Checkonchain data, stated that short-term holders have recorded the largest loss-making sell-off in history, while long-term holders have approximately 5.3 million BTC in a floating loss state, the highest level since March 2020. Melker believes that market sentiment has shifted from extreme optimism at the May highs to extreme pessimism in early June, and this "despair" often indicates that the market bottom is approaching.