CEX: Bitcoin's weekly decline hits a new high since the FTX collapse, and the weekly RSI indicates the market is severely oversold.

On February 6th, CEX issued a statement indicating that Bitcoin just experienced its largest weekly decline since the FTX collapse at the end of 2022, with the weekly RSI rising to (or touching) levels above the pressure point after the FTX event. It is important to note that RSI bottoming out does not necessarily mean the price has bottomed out at the same time, but it does indicate that the current market is in a severely oversold condition.