Bitcoin, Ethereum, Solana Sentiment Hits COVID Level Lows: Is The Bottom In?

Bitcoin, Ethereum and Solana have plunged into deep “fear” territory after 15–20% weekly drops, sparking technical concerns and debate over whether a bottom is forming. Bitcoin’s daily RSI fell to 17 on June 4 — an extreme oversold reading last seen in March 2020 and the February 2026 selloff — while on‑chain data shows BTC trading at a large historical discount to gold. Traders are watching key Bitcoin supports near $62,000 and $58,600. Ethereum also hit extreme oversold levels, with debate among investors about ETH’s long‑term narrative. Solana is viewed more positively for aligning token value with network activity, but needs new durable demand to prove the thesis. Overall, the piece emphasizes technical oversold signals and negative sentiment, suggesting elevated short‑term downside risk even as some see a potential bottoming setup.