Bitcoin‘s price hit a six-week low on June 24, but buyers quickly intervened, pushing it back above $62,000 within 24 hours.
Trader Jelle analyzed Bitcoin’s market structure and noted renewed buyer interest around the $60,000 support zone.
He expressed optimism in a June 25 post on X, saying, “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.
“Above that, and red Monday, green week becomes a reality.”
Jelle highlighted Bitcoin’s oversold conditions after it dipped to $58,400 on June 14, comparing it to the price action around $26,000 in August 2023.
Despite differences in the 2024 cycle, Jelle believes significant gains are forthcoming, supported by the relative strength index (RSI).
The RSI, an indicator showing overbought or oversold levels, paints an optimistic picture on the daily timeframe.
“Bitcoin’s daily RSI has not been this low in nearly a year,” Jelle wrote on June 24.
He recalled the last oversold conditions when Bitcoin was at $26,000, suggesting a potential summer shakeout.
Historically, Bitcoin’s strongest upward movements occur when the RSI is in the “oversold” zone below 70, leading to sustained rebounds before a rally becomes stable.
Robert Kiyosaki, author of “Rich Dad, Poor Dad,” also commented on Bitcoin’s dip below $60,000, viewing it as an opportunity to increase his holdings.
READ MORE: Bitcoin and Ether Transaction Fees Plunge Amidst Crypto Market Turmoil
He advised, “Bitcoin is crashing. Most people should sell.
“I am waiting to buy more.”
He suggested those fearful of crashes should sell and maintain steady employment during downturns.
The recent crash was partly due to selling pressure from the defunct crypto exchange Mt. Gox.
On June 24, the Mt. Gox trustee announced plans to repay creditors in July, with repayments estimated at over $9 billion in Bitcoin and Bitcoin Cash.
Bitcoin attempted to reclaim the $62,000 level after dropping below $60,000 on June 24.
The support area between $60,000 and $64,000 is crucial, as a breach could lead to deeper corrections.
Trader Aksel Kibar noted in his analysis, “$BTCUSD still a steady uptrend.
Still can be considered a pullback to the channel,” emphasizing the significance of the $60,000 support level.
He warned that breaking this support with a long black weekly candle could shift the outlook from bullish to bearish.
Data from CoinGlass showed significant bid concentrations around $60,200, $60,600, and $61,230 within 24 hours of writing.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
