TechFlow News, March 4: According to The Block, crypto research and brokerage firm K33 stated that Bitcoin has entered one of the most oversold weekly levels in its history. Vetle Lunde, K33’s Head of Research, noted that Bitcoin experienced six consecutive weeks of decline and five consecutive months of negative weekly closes, with its weekly Relative Strength Index (RSI) dropping to 26.84—the third lowest on record.
Derivatives markets reflect extremely bearish sentiment: the 30-day average funding rate for Bitcoin perpetual contracts has turned negative—a scenario that has occurred only ten times since 2018. Historical data shows that, following similar instances, the average 30-day return was approximately 13%, while average returns over 90 days and 180 days reached 62% and 101%, respectively.
Despite escalating geopolitical tensions, Bitcoin has demonstrated relative stability. Lunde commented: “The worst is behind us; now we wait.” Bitcoin is currently trading at approximately $71,000, up 4.7% over the past 24 hours.
