BTC’s weekly RSI reached historically extreme oversold levels during the February capitulation, with comparable readings occurring only near prior cyclical bottoms. Following a partial recovery into April, renewed weakness during late-May and June pushed BTC back toward, and eventually below the $60K support zone. Although price has now established fresh cyclical lows near $58K, technical market conditions remain above the February extremes, suggesting a positive momentum divergence despite continued price weakness.​

While gold and silver initially spiked early in the year — likely driven by geopolitical tensions and surging energy costs — they aggressively erased those gains across May and June. In a traditional macro climate, high inflation favors gold. However, partly due to profit-taking, and because the hot May CPI (4.2%) and PCE (4.1%) prints triggered an aggressive Fed stance, the opportunity cost of holding non-yielding metals surged.