- Amid Bitcoin‘s slide to $60,000, Binance founder Changpeng ‘CZ’ Zhao posted “Poor again,” a phrase last used during 2022’s major crypto slump.
- Analysts warn of a potential capitulation phase, with CryptoQuant highlighting the risk of prolonged “time capitulation” versus just sharp price drops.
- Bitcoin’s daily RSI hit levels only seen during major stress events, with analyst Plan C noting key support may lie between $54,000 and $58,000.
On Thursday, as Bitcoin plunged to $60,000, Binance founder Changpeng ‘CZ’ Zhao echoed a grim sentiment from the 2022 crypto winter with a simple post on X. “Poor again,” he wrote, recalling the last time he used that phrase during Bitcoin’s fall from $67,000 to around $30,000.
Bitcoin managed a partial recovery to roughly $65,100, still marking an 8.5% daily loss. Consequently, the cryptocurrency now trades nearly 50% below its all-time high of over $126,000 from October.
Meanwhile, Binance‘s BNB token faced even steeper losses, dropping 10.6% to approximately $623. The altcoin has plummeted nearly 55% from its own record peak observed last October.
Several analysts flagged concerning technical signals. CryptoQuant noted the larger danger now is “time capitulation,” where prices remain low for an extended period.
Analyst Michael van de Poppe pointed to Bitcoin’s daily RSI sinking to 18, a level historically linked to major market capitulation events. He described this reading as characteristic of conditions near bear market lows.
However, analyst Plan C stated multiple long-term indicators suggest a bottom may be approaching. He estimated potential support for Bitcoin lies between $54,000 and $58,000, near its 200-week simple moving average.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Crypto Winter Narratives Revive But No Bottom Yet: Jefferies
- XRP Drops to 2024 Lows, Could $5 Be Next If It Falls Below $1?
- Moving Back to Canada with U.S. Accounts: Tax Mitigation Strategies for Returning Canadians
- Bitcoin Crashes to 15-Month Low Amid Extreme Fear
- Claude AI Finds 500+ New High-Severity Open-Source Bugs
