Bitcoin’s drop toward $60,000 last week may have marked a local bottom, according to research firm K33, which says “capitulation-like conditions” appeared across spot, ETF, and derivatives markets.

K33 highlighted extreme signals during the sell-off, including 95th percentile trading volumes, funding rates plunging to their lowest levels since the March 2023 U.S. banking crisis, and options skews reaching levels last seen during the most intense stress of the 2022 bear market. Bitcoin’s daily RSI fell to 15.9 — one of the most oversold readings since 2015 — a level previously associated with major cycle lows.

Sentiment also collapsed, with the Crypto Fear & Greed Index dropping to 6, its second-lowest reading ever. Meanwhile, U.S. spot Bitcoin ETFs saw record trading activity and significant outflows, even as volumes surged.

Taken together, K33 argues that the breadth of extreme readings supports $60,000 as a high-probability local bottom. The firm expects Bitcoin to enter a consolidation phase between $60,000 and $75,000 in the coming weeks or months, with no expectation of a significant breakdown below the recent low.