K33: Bitcoin may have bottomed out and will enter a consolidation phase between $60,000 and $75,000.

According to ME News, on February 11th (UTC+8), K33 stated that Bitcoin's drop to $60,000 last week may have marked a local bottom. This round of selling saw "capitulation conditions" in the spot, ETF, and derivatives markets, including extreme levels of trading volume, funding rates, and option skew. Some indicators show that Bitcoin's daily RSI fell to 15.9, the sixth lowest since 2015, second only to March 2020 and November 2018; the Crypto Fear & Greed Index dropped to 6, the second lowest in history. K33 believes Bitcoin may enter a consolidation phase in the $60,000 to $75,000 range, with the possibility of a support retracement, but the risk of a significant downside below the recent lows is limited. (Source: ME)