Bitcoin's weekly Relative Strength Index (RSI) is currently at its lowest level since early 2023, sparking predictions that the BTC price could drop to around $70,000 before recovering. Popular trader Rekt Capital noted that historically, Bitcoin can fall 0.32% to 8.44% below prior lows when RSI levels are low, indicating a potential bottom close to $70,000. This figure aligns with past all-time highs from 2021 and serves as a historical support level. As of now, Bitcoin's daily RSI stands at 38 while the weekly RSI is at 43, suggesting the market remains in a correction phase but has not yet reached oversold conditions. Macroeconomic trends are raising concerns about a further decline, as analyst Timothy Peterson commented on the negative implications for Bitcoin amidst challenging economic signals. Despite potential bearish signals, some traders view the 70K level as a probable bottom for the ongoing correction, alongside other technical indicators pointing to price stability within that range.

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