[BTC Relative Strength Index Drops to Lowest Level Since 2020 Bear Market, Increasing the Likelihood of Testing $50,000] According to a report by Jinse Finance, crypto analyst Scott Melker disclosed data showing that short-term Bitcoin holders have recorded the largest historical loss-driven sell-off, while approximately 5.3 million BTC held by long-term holders are in an unrealized loss state. Market sentiment has shifted to extreme pessimism. Additionally, Bitcoin's daily Relative Strength Index (RSI) has dropped to around 15.5, the lowest level since the bear market triggered by the March 2020 pandemic, indicating the market is in an extremely oversold state. Since it has already fallen below $60,000, the likelihood of Bitcoin testing $50,000 has increased. However, if it can continue to hold the critical support level of $60,000, it may rebound to around $70,600 near the 20-day EMA in the coming weeks.