Thursday’s selloff was one of the sharpest and most devastating in crypto market history: More than $2.6 billion was liquidated as bitcoin (BTC) tumbled to $60,000 to mark its lowest point since October 2024.

The drawdown led to bitcoin being the third most “oversold” in its history, according to the relative strength index (RSI), a momentum oscillator that tracks market conditions. Oversold conditions of this magnitude historically precede a major bounce.

The situation grew a bit brighter as Asia woke up, with bitcoin bouncing from $60,000 to above $65,000 while ether (ETH) came off a low of $1,750 to trade back at $1,920.

Even so, the broader crypto market remains in a bear market. Privacy coin zcash (ZEC) has lost 34% of its value…