Data shows that Bitcoin's Relative Strength Index (RSI) is in an extremely "oversold" state, having fallen to its lowest level in nearly three years. Bitcoin's 36% drop from its all-time high of $126,000 to $80,500 has had a significant impact on the high-timeframe RSI. On the weekly chart, the RSI has fallen from a local high of 64 in September to its current level of 35. This level was last seen in January 2023 when Bitcoin was trading around $15,500-$17,000. Analyst Jelle stated, "Historically, when the weekly RSI reaches this level, it's worth paying attention to; it's either near a bottom or will soon experience a larger decline." (Cointelegraph)