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Bitcoin has fallen by about 30% in the past month, with a daily RSI of around 15.5, the lowest level since the pandemic in March 2020, and the market has entered an extremely oversold state. Analysis suggests that if Bitcoin maintains the support level of $60000, it may rebound to around $70700; If it falls below 60000 US dollars, or further drops to the middle of 50000 US dollars. Crypto analyst Scott Melker stated that approximately 5.3 million long held bitcoins are in a floating loss state, higher than during the FTX crash and reaching the highest level since the 2020 pandemic. He believes that market sentiment is highly synchronized with price trends, but whether the bottom has been reached still needs to be observed.