Will He See Bitcoin Price Sell Around $62K But Hold?

Bitcoin (BTC) prices hit a six-week low on June 24 before buyers moved in to send the price above $62,000 in less than 24 hours.

Analyzing the current market structure, the famous trader Jelle admitted that the $60,000 zone was used as a support and some buyer interest is returning to the lower level.

The analyst wrote on June 25 at x, “If #Bitcoin manages to lock in the lower timeframe, I think we will get it back to $63,500 before the end of the week.”

Any more than that, and Red Monday, Green Week becomes a reality.

Oversold conditions were seen in BTC price following the June 14 decline to $58,400 by Jelle, suggesting similarities between the current price action and when Bitcoin will trade around $26,000 in August 2023.

While the 2024 cycle is different in that Bitcoin set a new all-time high before, not after the block grant halving, there is plenty of evidence to suggest that Bitcoin's highs are still ahead.

For Gel, the Relative Strength Index (RSI) is the main indicator.

RSI is a trend-following volatility indicator that captures the extent to which an asset is overbought or oversold, and the daily timeframe for BTC/USD is painting an interesting picture.

“Bitcoin's daily RSI hasn't been this low in a year,” the analyst wrote in a post on X on June 24.

“Really, the last time we saw oversold conditions was when BTC was trading at $26,000. Summer Quake?”

Historically, when the RSI is in the “oversold” zone below 70, Bitcoin is most bullish. Such readings result in steady corrections that can last for a long time before the BTC price rally becomes sustainable.

Also commenting on Bitcoin's dip below $60,000, Robert Kiyosaki, author of “Rich Dad, Poor Dad,” sees this as an opportunity to increase his holdings.

“Bitcoin is crashing. Most people need to sell. I'm looking forward to buying more,” Kiyosaki said in a recent post on X.

The famous author suggested that people who are frightened by Bitcoin crashes should sell during the market crash and take a permanent job.

“If risks scare you, sell and stick to your job, which is what most “employees” should do.

The recent Bitcoin crash was sparked in part by the defunct crypto exchange Mt. Gox is selling pressure. On June 24, the Mt. Gox trustee announced plans to pay creditors in July. Under the restructuring plan, creditors will receive payments in Bitcoin and Bitcoin Cash, currently worth more than $9 billion.

Bitcoin finds support at the $60,000 support level

Data from Cointelegraph Markets Pro and TradingView showed Bitcoin attempting to reach the $62,000 level after a dip below $60,000 on June 24.

The demand area between $60,000 and $64,000 is the key support that traders and analysts are looking for, because a breach of this level can lead to deep corrections.

“$BTCUSD is still a steady growth. It can still be considered a return to the channel,” noted trader Axel Kibar in his latest Bitcoin analysis on X.

Referring to the breakdown technical setup, the analyst pointed to the importance of support at the upper border of the parallel channel at $60,000.

“A long black weekly candle breaking the support at 60K will change the outlook from bullish to bearish with two major implications.”

According to CoinGlass, the highest bids seen in the 24 hours to date are $60,200, $60,600 and $61,230.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.