$BTC

Bitcoin’s RSI plunged to single-digit levels after Galaxy Digital offloaded $500M in BTC, but bullish divergences suggest a potential rebound with $117K now a key target.Key TakeawaysGalaxy Digital sold $500M worth of Bitcoin to exchanges, sparking over $500M in liquidations in 24 hours.Bitcoin’s RSI dropped to a rare 6/100, signaling extreme oversold conditions.Analysts now eye $117,000 as BTC’s next upside target amid signs of recovery.Bitcoin RSI Collapses as Market Absorbs Whale SellingBitcoin’s Relative Strength Index (RSI) plunged to single-digit levels Friday, as heavy BTC selling from Galaxy Digital rattled markets.BTC briefly fell below $114,600, triggering $500M in long liquidations.The sales stem from 80,000 BTC originally moved on-chain 14 years ago, now being distributed across major exchanges.“The Bitcoin price has stalled ever since those coins started moving,” analyst Daan Crypto Trades noted on X, referring to the whale-triggered sell pressure.Bullish Divergences Hint at BTC RecoveryDespite the selloff, early bullish signals are emerging:RSI collapsed to 6/100 on the 15-minute chart — one of the most oversold readings in Bitcoin’s history.RSI is now forming higher lows while BTC price makes lower lows — a classic bullish divergence.“I have never seen $BTC this oversold. Never. This is beyond oversold,” trader Crypto Analyst wrote.The hourly chart shows RSI climbing back toward the 30/100 oversold barrier, suggesting momentum for a bounce.Analysts: $117K Is the Level to WatchMarket watchers say BTC may not be in full panic mode yet.Trader Skew commented:“Panic often has volume & considerable volatility which we don’t have currently. Time to watch for sure though.”Key support: $114,500 (where bids are clustered)Immediate resistance: $118,500Next upside target: $117,000, which could confirm a rebound if BTC clears it.CoinGlass data shows buy-side absorption holding steady, indicating that spot demand may help stabilize prices.BTC Market OutlookBTC price: $116,462Short-term range: $114,500 – $118,500Key signal: RSI recovering from historic lows, suggesting oversold bounce potentialIf Galaxy Digital’s BTC distribution slows and demand absorbs the remaining supply, analysts believe Bitcoin could recover toward $117K–$120K in the coming sessions, according to Cointelegraph.