Bitcoin Warning: $66,000 Tested as Analyst Warns of Multi-Month Oversold Phase

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Bitcoin fell to its lowest level in over three weeks as traders turned defensive following the year’s largest options expiry, while investors continued withdrawing from crypto exchange-traded funds. Advertisement Bitcoin fell to a low of $65,498 on Friday, the lowest since March 2. Roughly $14 billion of Bitcoin options expired Friday, as measured by the number of outstanding contracts, known as open interest. At the time of writing, BTC was down 2.28% in the last 24 hours to $66,322 and down 6.11% weekly. As Bitcoin trades 47.42% down from its all-time high of over $126,000 reached in October 2025, a few indicators in the market are hinting at oversold signals, with some analysts believing that this might lead to a sustained Bitcoin rise shortly. HOT Stories XRP Sets up Bear Trap, Shiba Inu Bull Market Confirmed; If This Hits, Will Ethereum Hold $2,000? Crypto Market Review Mystery Whale Rapidly Accumulates 35 Million in XRP in Under Hour You Might Also Like Fri, 03/27/2026 - 07:14 Bitcoin Might Never Drop Below $59K Again By Alex Dovbnya Advertisement Amid the drop, Bitcoin whale wallets are accumulating, which is seen as a promising sign of an imminent breakout. According to Santiment, whales and sharks with 10-10,000 BTC have accumulated 61,568 BTC (about 0.45% increase) in the past month. Wallets with under 0.01 BTC have also collectively added 0.42% more to their wallets in the past month, essentially matching the rate of accumulation seen from whales and sharks. March has seen about $1.4 billion of net inflows into Bitcoin ETFs following four straight months of net outflows. However, investors withdrew $171 million from spot ETFs on Thursday. Advertisement Bitcoin oversold but not out? Despite this slight optimism, crypto analyst Willy Woo issues a warning: "BTC can stay oversold for more months that one can stay solvent." Warning: BTC can stay oversold for more months that one can stay solvent. — Willy Woo (@willywoo) March 28, 2026 Woo said this in response to a Bitcoin trader who noted that the Bitcoin monthly RSI has reached extreme oversold levels, which triggered massive recoveries in the past. You Might Also Like Fri, 03/27/2026 - 15:23 Is Bitcoin Following 'Textbook' Pattern? Peter Brandt Says Yes By Tomiwabold Olajide The market seems to be moving into a consolidation phase, as seen in softer activity and defensive positioning among traders. Woo's warning seems to suggest a stabilization phase in the market following a continued sell-off. The highest open interest is now concentrated in $60,000 puts, according to Deribit data. The put/call ratio in the last 24 hours stands at 1.3, indicating increased demand for downside protection heading into the weekend. #Bitcoin #Bitcoin Price #Bitcoin Price Prediction