Bitcoin RSI hits all-time low as $2.2T multi-market wipeout…

Bitcoin touched $59K — a new 2026 low last seen in October 2024 — as a synchronized selloff erased $2.2 trillion from US equity markets in a single session. The move dragged crypto, commodities, and micro-caps down simultaneously, marking one of the broadest multi-market crashes of the year.

Why it matters

The technical picture is striking: Bitcoin's daily RSI has hit its lowest reading ever recorded, and Ethereum's RSI dropped to 12 — below its previous all-time low of 16 — marking what analysts are calling the most brutal capitulation sell-off in ETH's history. Bitcoin has also touched its 200-day exponential moving average for the first time since 2023, a level that has historically coincided with bear-market bottoms. VanEck's Matthew Sigel appeared on CNBC to publicly back crypto's long-term case, arguing Bitcoin will compete with reserve settlement currencies and that two central banks are already buying. On-chain data shows the current selling is concentrated in short-term holders — those who bought within the last year — with the realized loss ratio for that cohort printing a new all-time low, worse than COVID, May 2021, and the FTX collapse.

Market impact

MicroStrategy's Bitcoin position now carries $12.58 billion in unrealized losses, fuelling margin-call fears. However, Strategy has clarified its debt structure requires a 90%-plus drawdown before any forced liquidation becomes relevant — and the company was a net buyer of over 20,000 BTC in May despite selling 32 BTC, representing less than 0.004% of its holdings.