Bitcoin (BTC<\/a>) refused to stem recent losses during Jan. 22 as predictions of a flight to $33,000 and lower looked increasingly likely to become a reality.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0followed BTC\/USD as it fell through $35,000 during the first half of Saturday.<\/p>\n With few silver linings available for the bulls, lower weekend volume was poised to deliver some classic erratic moves after Bitcoin lost $40,000 support<\/a>\u00a0on Friday.<\/p>\n While some, including El Salvador,\u00a0made the most of the new lower levels<\/a>, others voiced concern that despite the drop, pressure still remained on bulls.<\/p>\n “Crazy part is open interest still hasn’t flushed,” trader and analyst William Clemente summarized<\/a>, one of many market participants noting that derivatives traders are still attempting to fight the trend.<\/p>\n “After all this carnage and absolute state of panic funding somehow isn’t giga negative, futs aren’t backwarded and OI barely went down. Interesting times. And with ‘interesting’ I mean poverty,” popular Twitter account Byzantine General additionally\u00a0quipped<\/a>.<\/p>\n A source of slight relief came in the form of Bitcoin’s relative strength index (RSI) on the day, this dipping to its lowest levels since March 2020.<\/p>\n Related:\u00a0Here\u2019s 3 ways the relative strength index (RSI) can be used as a sell signal<\/a><\/em><\/strong><\/p>\n At that time, BTC\/USD crashed to $3,600 before staging a comeback that would last well into the following year.<\/p>\n Daily RSI stood at just 20 Saturday, already well below<\/a> even the classic “oversold” zone.<\/p>\n “A bit more reliable than Bitcoin alone -> total market capitalization is at next level of support, while the daily RSI hits the lowest level since March 2020,” Cointelegraph contributor Micha\u00ebl van de Poppe commented<\/a> on the situation. <\/p>\n “Equities sentiment is also on the lowest level since March 2020. Says it all.”<\/p><\/blockquote>\n Equities markets had taken a hit towards the end of the week, with tech stocks particularly in the line of fire and crypto once again showing the extent of its positive correlation.<\/p>\n<\/div>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/b63ea346-2dd0-49bb-a34e-c8d19fefde26.png\" "\\"\\"")
Open interest “still not flushed”<\/h2>\n
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RSI sinks towards March 2020 COVID lows<\/h2>\n
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