K33: Bitcoin is severely oversold, currently lacking a convincing reason to sell

DeepFlowTech · 2026-03-04T13:06:54+00:00

Bitcoin is currently at the most oversold weekly level in history, declining for six consecutive weeks, triggering extreme bearish sentiment. Despite geopolitical tensions, Bitcoin has remained stable, with a price of around $71,000, up 4.7% in the past 24 hours. Analysts believe the worst period has passed.

DeepFlowTech

2026-03-04 13:06:54

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Deep Tide TechFlow News, on March 4th, according to The Block, research and brokerage firm K33 stated that Bitcoin has entered one of the most oversold weekly levels in history. K33 research director Vetle Lunde pointed out that Bitcoin has experienced six consecutive weeks of decline and five months of continuous downtrend, with the weekly Relative Strength Index dropping to 26.84, the third lowest in history.

The derivatives market shows extreme bearish sentiment, with the 30-day average funding rate for Bitcoin perpetual contracts turning negative, marking only the tenth time since 2018. Historical data indicates that similar situations have resulted in an average return of about 13% over the next 30 days, with win rates increasing to 78% over 90 and 180 days, and average gains of 62% and 101%.

Despite escalating geopolitical tensions, Bitcoin has shown relative stability. Lunde believes, “The worst is over, now we wait.” Currently, Bitcoin is trading at approximately $71,000, up 4.7% in 24 hours.

BTC8,22%

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