K33: Bitcoin is in severely oversold territory, and the market may be poised for a short-term rebound.

In its latest analysis report, K33 points out that after months of continuous selling pressure, Bitcoin has entered its most extreme weekly oversold zone in history. Previously, the selling pressure mainly came from long-term holders and institutional investors, but recently this selling pressure has begun to ease, and the market is showing signs of temporary stabilization. K33 notes that historical data shows that Bitcoin often experiences a phase of rebound after similar extreme bearish cycles. While a bottom formation still needs time, extreme overselling, derivatives deleveraging, and long-term supply recovery all point to a potential rebound opportunity. However, the options market shows strong bearish sentiment, with investors paying high premiums for downside protection. Negative funding rates indicate that the market's demand for deleveraging of long positions or the establishment of short positions persists. (The Block)