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Has the cryptocurrency bottomed out? Jane Street is sued, and two other signals are being sent.
Bitcoin price surged from $63,000 to over $68,000, increasing its market cap by $170 billion and marking one of the strongest single-day gains in weeks. The rally coincided with a lawsuit against trading firm Jane Street, accusing it of insider trading during the TerraUSD crash and suspending suspected market manipulation patterns. Analyst Dan Gambardello noted that Bitcoin’s weekly Relative Strength Index (RSI) dropped to a historic low of 25.6, but he also warned that this does not guarantee the market has bottomed out. Although altcoins like XRP, ADA, and LINK posted double-digit gains amid oversold signals, the altcoin season index remains at 35, below the 75 threshold needed to confirm an “altcoin season.”