- Market analyst Randgroup highlighted Bitcoin’s monthly RSI reaching its most oversold level on record in July 2026.
- Binance recorded more than 166,000 ETH withdrawal transactions in a single day, marking the highest level in over three years.
- The weekly chart analysis of Bitcoin and Ethereum shows their price level are retesting multi-year support.
On Friday, July 3, the global market witnessed a short 1.44% uptick, pushing its market cap to $2.15 trillion. The move highlights a fresh relief rally in the crypto market as the top two cryptocurrencies, Bitcoin and Ethereum, jump 0.66% to $61,865 and 1.95% to $1,731, respectively. While it’s early to confirm a complete reversal based on recent price movement, the technical and exchange data of these assets signal underlying demand and growth potential in the near future.
Bitcoin RSI Hits Most Oversold Level in History
In the last 72-hours, the pioneer cryptocurrency Bitcoin showed a bullish bounce from $58,527 to $61,896, registering a gain of 5.6%. Before the uptick, the BTC price showed a week-long consolidation around $60,000, indicating a failed attempt from sellers to sustain a prolonged correction.
Interestingly, the $60,000 floor aligns with two key technical levels– the 61.8% Fibonacci retracement level and a long-coming support trendline— signalling a high potential for a rebound.
Theoretically, the 61.8 FIB level is considered a healthy retracement level during a major uptrend, which allows buyers to recoup the bullish momentum. If the support holds, the Bitcoin price prediction could kickstart its next recovery leap potential aiming for a surge above $100,000.
Similarly, the chart below highlights an ascending trendline traced since November 2022 as a major pullback support for BTC. The previous two reversals from this support triggered triple-digit gains for Bitcoin holders.
Furthermore, a recent X post by Randgroup highlighted Bitcoin’s monthly RSI reached its lowest oversold month in history in July 2026, when the price was closer to $61,000. The shared chart flagged matching extremes from earlier periods: around $180 in 2015 and $15,000 in 2022.
Both prior cases were followed by a price rally close to tenfold. Sellers reacting to strong negative outlooks at those RSI lows ended up contributing holdings that helped fuel the subsequent upward moves.
This longer-term RSI measure reduces daily market noise, making such infrequent extremes stand out as notable technical markers. The current price decline from cycle highs has been less pronounced than before, indicating possible changes in how the broader Bitcoin market operates.
Ethereum Exchange Withdrawals Hit 3-Year High
The second-largest cryptocurrency by market capitalization, Ethereum, shows a similar pattern to Bitcoin in its technical chart. During the late-June correction, the ETH sellers failed to extend the correction below $1,500.
In another coincidence with Bitcoin, the Ethereum price prediction on the weekly chart shows a breakdown attempt from a support trendline active since June 2022. However, the immediate rebound above the trendline signals the buyers’ conviction to hold this support.
The previous two reversals from this support led to triple-digit gains for ETH buyers, as shown in the chart below.
In addition, ETH withdrawal transactions on Binance hit more than 166,000 in a single day, the highest in a year since March 2023, and the first time in over three years. The chart below shows this rise along with the price movement of ETH, where the withdrawal line formed a sudden peak near the recent price levels of $1700.
With ETH trading close to the $1,500 mark, the outflows are increasing. The scale of the withdrawals can be attributed to several factors, such as users transferring their funds to self-custody wallets for longer holding periods, locking them into DeFi protocols to earn a yield, or responding to the regulatory uncertainty surrounding MiCA, which came into effect on July 1st.
Although some activity was linked to concerns over potential withdrawal restrictions—which did not occur—the overall volume stands out as significant. Generally, the exchange withdrawal reduces the direct selling pressure in the open market and therefore fuels a bullish narrative if the trend continues.
