K33 sees ‘strong case’ bitcoin has bottomed amid ‘capitulation-like’ conditions
K33 research suggests Bitcoin may have reached a local bottom around $60,000, citing “capitulation-like” conditions across various markets.Summary
Research firm K33 argues that Bitcoin's recent dip to $60,000 may represent a bottom, pointing to extreme market conditions indicative of capitulation. These conditions include high trading volumes, collapsing funding rates, rising options skews, and oversold momentum indicators like the Relative Strength Index (RSI). Sentiment gauges, such as the Crypto Fear & Greed Index, also reached historically low levels. The firm observed hyperactive trading, with significant spot volume and stress in derivatives markets. Despite record activity in U.S. spot Bitcoin ETFs, net weekly outflows were recorded. K33 now anticipates a period of consolidation between $60,000 and $75,000, with a potential retest of support but limited downside risk.
(Source：The Block)