On June 25, Bitcoin (BTC) surged back to $62,000 as markets worked to recover lost ground from the previous week. Data from Cointelegraph Markets Pro and TradingView showed that BTC’s price was slowly rebounding after taking a hit the day before. Bulls had experienced a setback when the price dropped to a seven-week low of $58,500, which led to a wave of capitulations.
The relative strength index (RSI) reading on four-hour timeframes reached its lowest levels since August 2023, causing concerns about BTC/USD’s bull market support lines. Popular trader Daan Crypto Trades confirmed that the range had held as needed in his latest updates on X. CoinGlass data revealed that total BTC long liquidations for June 24 amounted to just under $150 million.
Daan Crypto Trades pointed out a massive liquidity zone at $65K and all the way up to that point, while discussions about the impact of the Mt. Gox bankruptcy proceedings continued to circulate. Trading firm QCP Capital anticipated selling pressure in the market as it tried to digest the implications of 140,000 BTC. QCP also noted that BTC’s price had bounced near its 200-day exponential moving average (EMA), which is currently at almost exactly $58,000. The last time BTC/USD traded below that trendline was in October.
While some traders warned of ongoing strength for the United States dollar, others argued that the picture was bearish for dollar bulls. Matthew Dixon, CEO of crypto rating platform Evai, applied Elliott Wave theory to the U.S. Dollar Index (DXY) and commented that a valid 5 waves down for DXY is a promising sign for BTC & Crypto.
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 any decisions.