Bitcoin is now flashing its most oversold signal since 2018, raising the odds of a relief rebound toward $70,000 in the coming weeks.
The extremely oversold reading followed a roughly 30% decline in BTC over the past month, as geopolitical risks, higher oil prices, fading hopes for a 2026 Federal Reserve rate cut, and panic over Strategy’s latest Bitcoin sale weighed on sentiment.
In addition, there was some online chatter seems to speculate that retail investors may be selling crypto to chase the biggest IPO ever.
The Elon Musk-owned rockets, satellite and AI company SpaceX is selling up to 30% of its record $75 billion offering straight to retail investors through Robinhood, Fidelity and Charles Schwab, more than three times the slice a typical IPO sets aside for individuals.
The roadshow opened Thursday already oversubscribed, with more orders than shares on offer, Bloomberg reported. It is offering shares at a $1.8 trillion valuation.
Bitcoin fell roughly 16% over the same timespan and briefly traded below $60,000 before recovering to around $61,000.
Oversold readings this extreme often appear near seller-exhaustion zones where short-term buyers begin positioning for a relief rebound.
In 2018, the collapse was triggered in large part by the SEC’s regulatory crackdown on ICOs, announcing its first civil penalties against Paragon and CarrierEQ/Airfox. But, the 2018 bear market was already underway due to the bursting of the 2017 ICO bubble, regulatory uncertainty (China bans, etc.), exchange hacks, and fading retail hype. November was more of a capitulation phase than a new shock.
Hellbound and Down 