The price is still hanging around 67K, even after that drop at the US open yesterday. I wouldn't be surprised if we see another dip attempt today. Overall, it feels like we've hit a bit of a balance point, and sellers along with those betting against the market seem pretty worn out at these prices.
Seems like the market thinks that as long as there aren't any big negative surprises, we've pretty much reached a point of no return, and it’s unlikely we’ll drop below the high 50s.
No matter if we end up with lower lows in the next few days, I do expect to see higher lows on the 12-hour, daily, and 3-day RSIs. If we do see a lower price, that could actually signal a bullish divergence. But it's still early days and a lot depends on what's happening globally. Higher lows on those higher timeframe RSIs might hint that a trend reversal is on the way.
I think you will be right if bitcoin price of $60000 is the low that you are referring to. I also think bitcoin will not get below that price for now but we do not know what can later happening. But for now in a short period of time, bitcoin is not going below $60000.
Higher low can indicate a shift towards the uptrend but I do not know if this will be what that would happen.
On very low timeframes, e. g. 15 and 30 min, I am under the impression of seeing some signs of life and more specifically the return of multiple green candles in a row (currently ten 15 min green candles), though admittedly volumes are very low.
However, I do expect shorters and price dumping to return at US market opening. Let's see how far down they can push the price this time round.
I have just checked the monthly RSI, using this chart dating all the way back to 2010:
https://charts.bitbo.io/monthly-rsi/
Except for five readings, which were all printed during the protracted 2022-2023 bear market infamous for the Luna and FTX debacles, the monthly RSI, which is currently at 41.29, has never been this low.
Does that mean it cannot fall further? No, but what this does show IMHO is that the further downside potential seems very limited by historical standards.
The worst part of the descent is most probably behind us. If we haven't hit the bottom yet, we are likely in the final stages of bottoming - in the absence of major negative events affecting the macro environment or the entire sector.