After a thunderous $500 million BTC sell-off by Galaxy Digital, Bitcoin's price plunged under $114,600 — but what came next shocked analysts even more. The Relative Strength Index (RSI) crashed to a jaw-dropping 6/100 on the 15-minute chart — one of the most extremely oversold signals in Bitcoin’s entire history. Now, momentum is quietly shifting, and $117K is emerging as the next key bounce zone. 👀
🐳 Galaxy’s $500M Dump Rocks the Market
Galaxy Digital unleashed a tidal wave of sell pressure by dumping 80,000 BTC — coins untouched for 14 years — instantly erasing bullish momentum and igniting $500M in long liquidations across the market.
“BTC hasn’t moved cleanly since those old coins reappeared,” notes Daan Crypto Trades.
📈 RSI: From Extreme Panic to Early Reversal
RSI fell to 6/100 — a territory rarely seen, signaling ultra-panic conditions.
Price printed lower lows, while RSI formed higher lows — a textbook bullish divergence.
RSI now pushing toward 30 — a key momentum reset level that often precedes reversals.
“I’ve never seen Bitcoin this oversold. This is historic,” says top trader Crypto Analyst.
🔍 Key Levels That Could Trigger a Bounce
🔸 Support Zone: $114,500 – strong bid wall spotted
🔸 Short-Term Resistance: $118,500
🔸 Rebound Target: $117,000 — a break above here could trigger a relief rally to $120K+
“We’re not seeing full-blown panic yet, which is telling,” adds Skew. “This is a wait-and-watch moment.”
📊 Market Pulse
Current Price: $116,462
Range: $114,500 – $118,500
Signal: Oversold + Divergence = Bounce Potential
According to CoinGlass, buy-side interest is holding strong, absorbing much of the shock. If Galaxy slows its dumping and RSI maintains this rebound structure, Bitcoin could claw its way back toward the $117K–$120K zone in short order
💡 The market’s shaken, but not shattered. When the smart money starts buying max fear — history shows a turnaround may be closer than you think. Keep your eyes on $117K.