Bitcoin’s price experienced a significant downturn on June 24, hitting its lowest point in six weeks, only to see a rapid recovery above $62,000 within less than 24 hours.
BTC/USD Daily Chart:
Source: TradingView
Examining Bitcoin’s current market dynamics, well-known trader Jelle noted a resurgence of buyer interest at lower levels, particularly around the $60,000 mark, which has acted as a strong support zone.
“In case #Bitcoin establishes a higher low on a lower timeframe today, I anticipate a push towards $63,500 before the week concludes,” the analyst remarked in a June 25 update on X.
BTC/USD Chart:
Source: Jelle
Jelle also highlighted the oversold conditions observed after Bitcoin’s drop to $58,400 on June 14, drawing parallels to a similar price action observed when Bitcoin traded around $26,000 back in August 2023.
Despite differences in the 2024 market cycle, which included Bitcoin achieving a new all-time high prior to the block subsidy halving, indications suggest that Bitcoin may still achieve its most significant gains ahead. The relative strength index (RSI) plays a crucial role in Jelle’s analysis.
The RSI, a momentum oscillator indicating whether an asset is overbought or oversold, currently paints an optimistic picture on the daily BTC/USD chart.
“The daily RSI for Bitcoin hasn’t been this low in nearly a year,” Jelle pointed out in a June 24 update on X.
BTC/USD Daily Chart:
Source: Jelle
Bitcoin historically shows robust upward movements when the RSI drops into the “oversold” zone below 30, often leading to sustained rebounds lasting a considerable period before the rally becomes sustainable.
Robert Kiyosaki, author of “Rich Dad, Poor Dad,” also commented on Bitcoin’s dip below $60,000, viewing it as a buying opportunity.
“Bitcoin is experiencing a dip. For most, selling would be advisable. Personally, I am waiting to increase my holdings,” Kiyosaki stated in a recent post on X, suggesting those fearful of Bitcoin’s volatility should consider maintaining steady employment during market downturns.
The recent decline in Bitcoin’s price was partly triggered by selling pressure originating from the now-defunct cryptocurrency exchange Mt. Gox. The exchange’s trustee announced plans on June 24 to begin repaying creditors in July, with repayments in Bitcoin and Bitcoin Cash (BCH) totaling over $9 billion at current valuations.
Bitcoin’s support around the $60,000 level:
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin was attempting to reclaim the $62,000 threshold after slipping below $60,000 on June 24.
Traders and analysts are closely monitoring the support range between $60,000 and $64,000, as a breach of this level could trigger deeper corrections.
“$BTCUSD remains within a steady uptrend. The pullback can still be seen within the channel,” noted prominent trader Aksel Kibar in his latest Bitcoin analysis on X, emphasizing the significance of the upper boundary of the ascending parallel channel at $60,000.
BTC/USD Chart:
Source: Aksel Kibar
According to CoinGlass, the largest concentrations of buy orders observed in the 24-hour period up to the time of writing were at $60,200, $60,600, and $61,230.
This article does not provide investment advice or recommendations. All investment and trading decisions involve risks, and readers should conduct their own research before making any decisions.