2024

Bitcoin

Summer

when

Bitcoin&nbsp;price hit a six-week low on June 24 before buyers stepped in to send the price back above $62,000 less than 24 hours later.&nbsp;
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/180cebc5-ef45-4254-ada1-763a4f6eef26.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: TradingView
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Analyzing the current market structure of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>), popular trader Jelle acknowledged that some buyer interest was returning at the lows, with the $60,000 zone acting as support. 
“If #Bitcoin can lock in a lower-timeframe higher low today, I think we run it back to $63,500 before the week is out,” the analyst <a href="https://x.com/CryptoJelleNL/status/1805515424999604366" target="_blank" rel="noopener nofollow">wrote</a> in a June 25 post on X. 
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 “Above that, and red Monday, green week becomes a reality.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/7e44c1b3-10c8-421f-a2f7-854c5ab92b0e.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: <a href="https://x.com/CryptoJelleNL/status/1805515424999604366" target="_blank" rel="noopener nofollow">Jelle</a>
 </figcaption>
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Jelle also noted the oversold conditions displayed by the BTC price following its drop to $58,400 on June 14, <a href="https://cointelegraph.com/news/bitcoin-bull-cross-btc-price-first-time-since-2016">pointing to similarities</a> between the current price action and when Bitcoin traded around $26,000 in August 2023.
While the 2024 cycle is different, with Bitcoin <a href="https://cointelegraph.com/news/bitcoiner-called-pre-halving-predicts-95k-btc-price">producing a new all-time high</a> before the block subsidy halving, plenty of evidence suggests that Bitcoin’s steepest gains are still ahead.
For Jelle, the <a href="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal">relative strength index (RSI)</a> is a major conducive factor.
The RSI is a trend-following oscillating indicator that captures how much an asset is overbought or oversold at a given level. In a daily time frame, BTC/USD paints an exciting picture. 
“Bitcoin’s daily RSI has not been this low in nearly a year,” the analyst <a href="https://x.com/CryptoJelleNL/status/1805213664040911058" target="_blank" rel="noopener nofollow">wrote</a> in a June 24 post on X. 
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 “In fact, the last time we saw oversold conditions was when BTC traded at $26,000. Summer shakeout?”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/0f0fe2fe-0c00-44a6-b43b-d00a322a0d54.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: <a href="https://x.com/CryptoJelleNL/status/1805213664040911058" target="_blank" rel="noopener nofollow">Jelle</a>
 </figcaption>
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Historically, Bitcoin tends to show its most strident upside when the RSI is in the “oversold” zone below 70. Such readings can lead to steady rebounds that can endure for a considerable length of time before the BTC price rally becomes sustainable.
Also commenting on Bitcoin’s dip below $60,000 was Robert Kiyosaki, the author of “Rich Dad, Poor Dad,” who saw this as a chance to increase his holdings.
“Bitcoin is crashing. Most people should sell. I am waiting to buy more,” said Kiyosaki in a recent <a href="https://x.com/theRealKiyosaki/status/1805259580835799500" target="_blank" rel="noopener nofollow">post</a> on X.
The famous author suggested that those terrified by Bitcoin crashes should sell and hold a steady job during market downturns.
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 “If crashes terrify you, sell and hang on tight to your job, which is what most “employees” should do.”
</blockquote>
The recent Bitcoin crash was partly triggered by selling pressure from the defunct crypto exchange Mt. Gox. On June 24, the Mt. Gox trustee <a href="https://cointelegraph.com/news/mt-gox-bitcoin-dump-fear-concern-overblown-analysts">announced plans to repay its creditors</a> in July. Under the rehabilitation plan, creditors will receive repayments in Bitcoin and Bitcoin Cash (<a href="https://cointelegraph.com/bitcoin-cash-price-index">BCH</a>), estimated to be worth over $9 billion at current rates.
<h2 data-ct-non-breakable="true" id="bitcoin-finds-support-at-the-60-000-support-level">Bitcoin finds support at the $60,000 support level</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*15uls04*_ga*MTAxMzE3MDgyMS4xNzA2Nzk5MzMw*_ga_53R24TEEB1*MTcxMDg3ODM0NC4xODIuMS4xNzEwODgwMjExLjAuMC4w">Cointelegraph Markets Pro </a>and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed Bitcoin attempting to recover the $62,000 level after dropping under $60,000 on June 24.
The demand area between $60,000 and $64,000 is a key support that traders and analysts are looking out for, as a breach of this level could result in deeper corrections.
“$BTCUSD still a steady uptrend. Still can be considered a pullback to the channel,” popular trader Aksel Kibar <a href="https://x.com/TechCharts/status/1805462519013662923" target="_blank" rel="noopener nofollow">declared</a> in his latest Bitcoin analysis on X. 
Citing a bullish technical setup, the analyst pointed out the importance of the support provided by the upper boundary of the ascending parallel channel at $60,000.
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 “A long black weekly candle that breaks down the support at 60K will change the outlook from bullish to bearish with double top interpretation.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/5ebb7f0f-7f7f-47e9-a87f-9e5cec7e97cd.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: <a href="https://x.com/TechCharts/status/1805462519013662923" target="_blank" rel="noopener nofollow">Aksel Kibar</a>
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According to CoinGlass, the largest concentrations of bids that have appeared in the 24 hours to the time of writing are $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 when making a decision.

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

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