Bitcoin's RSI has fallen to its lowest level since the 2020 crash, and analysts say the probability of a rebound to $70,000 has increased.

CoinFeed 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 COVID-19 pandemic, indicating that the market is extremely oversold. Historical data shows similar levels occurred in 2020 and February 2026, followed by BTC rebounds of approximately 50% and 30%, respectively. Currently, after experiencing a nearly 30% drop 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 may further decline to the mid-$50,000 area.