Bitcoin RSI hits lowest since 2018 as $64K resistance looms

Bitcoin rose 2.3% to $63,200 on June 11, recovering from a session low of $60,914, as its relative strength index fell to the lowest level since November 2018 — a technical setup that historically precedes significant reversals.

"There has been a lot of chat about BTC making lower highs. So breaking above the $83,000 region from early May will be the next critical confirmation needed," Geoffrey Kendrick, global head of digital assets research at Standard Chartered, said on June 15, after the bank confirmed three bullish signals had aligned for bitcoin.

Standard Chartered's conditions included fresh corporate buying, positive spot ETF flows and lower oil prices. Strategy disclosed on June 15 that it purchased 1,587 BTC last week, while spot bitcoin ETFs recorded $86 million in inflows on June 14 — one of the strongest single-day prints in weeks. Bitcoin traded at $66,514 as of June 15, according to CoinGecko.

The $64,000 resistance zone represents the immediate hurdle for bitcoin. A breakout above that level could trigger momentum toward $83,000, while rejection risks confirming the pattern of lower highs that has defined price action since March.

Ethereum Enters Unprecedented Oversold Territory

Ethereum traded at $1,665.76 on June 15, down 0.63% over 24 hours, with a market capitalization of $201 billion and 24-hour volume of $10.2 billion, according to CoinGecko. The token has fallen roughly 70% from its all-time high and now changes hands at prices last seen four years ago.

Crypto analyst Ash Crypto said on June 14 that Ethereum is "the most oversold it has ever been in its history," noting that the monthly relative strength index has fallen below levels recorded during the 2018 and 2022 bear market bottoms. The comparison echoes June 2022, when Ethereum established a bottom after an 82% decline from its peak.

$1,740 Resistance Holds the Key

Ethereum has established a bullish trend line with support at $1,665, coinciding with the 50% Fibonacci retracement level from the $1,603 to $1,731 recovery move. The first resistance barrier sits at $1,720, followed by $1,740 and $1,780. A break above $1,780 could propel ETH toward $1,850 and $1,920, according to analyst Ted Pillows.

On the downside, failure to clear $1,740 could trigger a retreat to $1,680 support. A breakdown below $1,665 would open the door to $1,650 and $1,620, with $1,600 representing the critical floor. The MACD histogram shows a positive reading of 3.15, suggesting selling pressure is beginning to ease, though the MACD line at -126.82 remains in negative territory.

This article is for informational purposes only and does not constitute investment advice.