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Bitcoin price sees oversold bounce to $62K but will it hold? – Cointelegraph

Bitcoin (BTC) price hit a six-week low on June 24, but within the next 24 hours, buyers stepped in and the price once again rose above $62,000.

BTC/USD daily chart. Source: Trading View

Analysing the current market structure, popular trader Jere observed that some buyer interest has returned at the lower levels as the $60,000 zone acted as support.

“If Bitcoin can sustain higher short-term lows today, I think it could bounce back to $63,500 by the end of the week,” the analyst said. I have written In a post by x on June 25th.

“On top of that, Red Monday, Green Week becomes a reality.”

BTC/USD chart. Source: Jere

Jere also noted that BTC’s price decline to $58,400 on June 14 indicated oversold conditions, drawing similarities between the current price action and when Bitcoin traded around $26,000 in August 2023.

Although the 2024 cycle will be different, with Bitcoin hitting an all-time high before the block subsidy halving rather than after, there is still plenty of evidence to suggest that Bitcoin’s sharpest rise is still ahead of it.

For Jelle, the Relative Strength Index (RSI) is a key driver.

The RSI is a trend-following oscillating indicator that captures the extent to which an asset is overbought or oversold at particular levels, and on the daily chart, BTC/USD has been showing some exciting movement.

“Bitcoin’s daily RSI has not been this low in nearly a year,” the analyst said. I have written In a post by X on June 24th.

“In fact, the last time we saw an oversold condition was when BTC was trading at $26,000. Could this be the summer drop?”

BTC/USD daily chart. Source: Jere

Historically, Bitcoin tends to see its most intense rallies when the RSI is in the “oversold” zone below 70. Such readings can lead to a steady rally that can last for quite some time before the BTC price rally becomes sustainable.

Robert Kiyosaki, author of “Rich Dad Poor Dad,” also commented on Bitcoin’s drop below $60,000, seeing it as an opportunity to increase his holdings.

“Bitcoin is crashing. Most people should sell. I’m waiting to buy more,” Kiyosaki said in a recent interview. post About X.

A well-known author has suggested that people who fear a Bitcoin crash should sell their Bitcoin and hold on to a stable job while the market is sluggish.

“If you’re afraid of a crash, sell and hang on to your job, which is what most ’employees’ should do.”

The recent Bitcoin crash was partly due to selling pressure from the closed cryptocurrency exchange Mt. Gox. On June 24, Mt. Gox’s trustee announced a plan to repay creditors in July. Under the restructuring plan, creditors will receive repayments in Bitcoin and Bitcoin Cash, estimated to be worth more than $9 billion at current rates.

Bitcoin finds support at $60,000 support level

Data from Cointelegraph Markets Pro Trading View Bitcoin is showing signs of trying to recover above the $62,000 mark after dropping below $60,000 on June 24.

The demand area between $60,000 and $64,000 is a key support that traders and analysts are keeping an eye on, and a breach of this level could lead to a more severe correction.

“BTCUSD is still in a steady uptrend. It can still be seen as a pullback into the channel,” said popular trader Axel Kibber. Declared In our latest Bitcoin analysis on X.

The analyst cited bullish technical setups and noted the importance of support provided by the upper limit of the ascending parallel channel at $60,000.

“A long black weekly candle below the 60K support would change the outlook from bullish to bearish due to a double top interpretation.”

BTC/USD chart. Source: Axel Kibber

According to CoinGlass, the highest concentrations of bids that appeared in the 24 hours up to the time of writing were $60,200, $60,600, and $61,230.