Bitcoin changed hands at $63,444 as of 8:30 a.m. EDT on June 4, 2026, pushing its relative strength index to 17. That's deeply oversold territory — a reading typically associated with sharp selloffs or capitulation events. All 14 tracked moving averages are now pointing lower, and traders have locked in on the $61,310 swing low as the next line in the sand.
The RSI floor
A reading of 17 on the RSI is rare. It means bitcoin is trading far below where it has been over the past 14 periods — essentially, the asset got hammered in a hurry. In normal conditions, an RSI this low would hint at a bounce. But with every moving average sloping down, there's no obvious floor yet.
Moving averages confirm the trend
The uniformity matters. When a handful of averages are lower, the picture is noisy. When all 14 point down, the downtrend is broad. Short-term, medium-term and long-term indicators are all singing the same song. That makes it harder to argue we're near a bottom based on price alone.
Why $61,310 matters
The swing low at $61,310 is the last notable support before bitcoin dips into fresh territory for 2026. Traders are watching it closely. A break below that level would likely trigger another wave of selling. If it holds, it could form a base for a recovery. The timing isn't great — the broader market mood is cautious, and there's no obvious catalyst to flip sentiment.
So the question is simple: will $61,310 hold? That's the concrete thing to watch in the coming sessions. No one knows yet, but the data makes it the clearest line on the chart.
