Bitcoin took a sharp hit over the weekend, plunging to a low of $59,100 before clawing its way back above $61,600. The sell-off pushed the Relative Strength Index to 16 — well into oversold territory. As of 8 a.m. EDT on June 6, 2026, the largest cryptocurrency was trading in a tight range between $60,800 and $61,000.
The weekend sell-off
The drop came fast. Bitcoin shed several thousand dollars in a matter of hours over Saturday and Sunday, touching levels not seen in weeks. The flash crash caught many traders off guard — liquidations piled up across exchanges, and the broader crypto market bled in sympathy. But the slide didn't last. Buyers stepped in at the $59,100 mark, and the price rebounded just as quickly as it fell.
RSI at extreme lows
The Relative Strength Index, a momentum oscillator that measures the speed and magnitude of recent price changes, hit 16. That reading is well below the conventional oversold threshold of 30 and suggests the selling was overdone in the short term. For context, Bitcoin hasn't seen an RSI that low since the market turmoil in late 2025. Such extreme readings often precede a bounce — and that's exactly what happened this time.
Recovery and current range
After recovering to $61,600, Bitcoin settled into a narrow band. Over the past hour through 8 a.m. EDT today, it traded between $60,800 and $61,000. That's still below the key $62,000 level many traders were watching, but it's a far cry from the weekend low. The recovery was orderly and without the chaotic volatility that sometimes follows a sudden drop. Volume has tapered off slightly, suggesting the market is catching its breath.
What comes next is unclear. The oversold RSI hints at more upside, but this week's broader macro calendar — including a Fed speech and jobless claims data — could shift sentiment quickly. For now, Bitcoin is holding the line above $60,000, and the market is watching to see if that support holds.
