The price of Bitcoin (BTC) hit a six-week low on June 24 before buyers stepped in to push the price back above $62,000 less than 24 hours later.
Analyzing the current market structure, popular trader Jelle acknowledged that some buyers’ interest is returning to the lows, where the $60,000 area serves as support.
“If #Bitcoin can make a higher low in the shortest time frame today, I think we will take it back to $63,500 before the end of the week,” the analyst wrote in an article in the June 25 on x.
“And on top of that, and on Red Monday, Green Week becomes a reality. »
Gilley also highlighted the oversold conditions for Bitcoin’s price after falling to $58,400 on June 14, noting the similarities between the current price action and the time when Bitcoin was trading around $26,000 in August 2023 .
Although the 2024 cycle will be different since Bitcoin hit a new all-time high before, not after, the support halving, there is still plenty of evidence to suggest that Bitcoin’s biggest gains are yet to come.
For my generation, the Relative Strength Index (RSI) is a major catalyst.
The Relative Strength Index is a trend-following oscillator that captures the degree to which an asset is overbought or oversold at a certain level, and on the daily time frame, BTC/USD paints an interesting picture.
“Bitcoin’s daily RSI hasn’t been this low in almost a year,” the analyst wrote in a June 24 article on X.
“In fact, the last time we saw oversold conditions was when BTC was trading at $26,000. A summer shake?
Historically, Bitcoin tends to show the strongest uptrend when the RSI is in “oversold” territory below 70. Such readings can lead to steady rebounds that can last for a long period of time before the price rises. of Bitcoin becomes sustainable.
The drop in Bitcoin price below $60,000 was also commented on by Robert Kiyosaki, author of “Rich Dad, Poor Dad,” who saw it as an opportunity to increase his holdings.
“Bitcoin is collapsing. Most people should sell. “I’m waiting to buy more,” Kiyosaki said in a recent X article.
The famous author suggested that those who are terrified of a Bitcoin crash should sell and hold a stable position during market downturns.
“If accidents scare you, sell and keep your job, which is what most “employees” should do. »
Bitcoin’s recent collapse was partly caused by selling pressure from defunct cryptocurrency exchange Mt.Gox. On June 24, the trustee of Mt.Gox announced its intention to repay its creditors in July. As part of the rehabilitation plan, creditors will receive payments in bitcoin and bitcoin cash, valued at more than $9 billion at current rates.
Bitcoin finds support at $60,000 support level
Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin is attempting to reclaim the $62,000 level after falling below $60,000 on June 24.
The demand zone between $60,000 and $64,000 is a key support sought by traders and analysts, as a breakout from this level could lead to deeper corrections.
“BTCUSD price remains in a steady uptrend. This can still be considered a pullback from the channel,” said popular trader Axel Kibar in his latest Bitcoin analysis on X.
Citing a bullish technical setup, the analyst highlighted the importance of support provided by the upper border of the ascending parallel channel at $60,000.
“A long black weekly candle breaking support at 60K will change the outlook from bullish to bearish with a double top interpretation.”
According to CoinGlass, the largest bid concentrations that appeared in the 24 hours since this article was written were $60,200, $60,600, and $61,230.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
