Bitcoin price has rebounded from oversold $62,000, but will it hold?

Bitcoin (BTC) price hit a six-week low on June 24, then less than 24 hours later, buyers drove the price back above $62,000.

Analyzing the current market structure, celebrity trader Jelle admitted that some buyer interest is returning to the lows, with the $60,000 zone acting as support.

“If #Bitcoin can maintain higher lows on lower time frames today, I think it could bounce back to $63,500 before the end of the week,” the analyst wrote on x on June 25.

“Not only that, Red Monday and Green Week become a reality.”

Jelle also noted the oversold conditions displayed by the BTC price after falling to $58,400 on June 14, pointing out similarities between the current price action and when Bitcoin was trading around $26,000 in August 2023.

Although the 2024 cycle is different in that Bitcoin hit a new all-time high before, rather than after, its block subsidy halving, there is plenty of evidence to suggest that Bitcoin’s steepest rise is still ahead.

For Jelle, the Relative Strength Index (RSI) is the main helpful factor.

RSI is a trend-following oscillating indicator that captures how overbought or oversold an asset is at certain levels, and on the daily time frame, BTC/USD is painting an interesting picture.

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

“In fact, the last time we saw oversold conditions was when BTC was trading at $26,000. Summer shake out?”

Historically, Bitcoin tends to see its strongest gains when the RSI is in “oversold” territory below 70. These numbers could lead to a steady rally that could last for quite some time before the BTC price rally continues.

Additionally, Robert Kiyosaki, author of “Rich Dad, Poor Dad,” commented on Bitcoin’s drop below $60,000 and saw it as an opportunity to increase his holdings.

“Bitcoin is plummeting. Most people have to sell. I am waiting to buy more,” Kiyosaki said in a recent post on X.

A famous author suggested that people spooked by the Bitcoin crash should sell and hold on to their steady jobs during the market downturn.

“If crashes scare you, sell it and stick to your job. That’s what most “employees” should do.”

The recent Bitcoin crash was triggered in part by selling pressure from defunct cryptocurrency exchange Mt. Gox. June 24, Mt. Gox trustees announced plans to repay creditors in July. Under the recovery plan, creditors will be paid in Bitcoin and Bitcoin Cash, estimated to be worth more than $9 billion at current interest rates.

Bitcoin finds support at the $60,000 support level.

Bitcoin attempted to regain the $62,000 level after falling below $60,000 on June 24, according to data from Cointelegraph Markets Pro and TradingView.

The demand area between $60,000 and $64,000 is the key support that traders and analysts are looking for. Because violations of this level can lead to deeper adjustments.

“$BTCUSD is still in a steady upward trend. “It could still be considered a setback for the channel.” Popular trader Aksel Kibar declared in his latest Bitcoin analysis for

Citing a bullish technical setup, the analyst pointed out the importance of support provided by the upper boundary of the ascending parallel channel at $60,000.

“A long black weekly candle breaking support at 60K would change the outlook from bullish to bearish through a double top interpretation.”

According to CoinGlass, the largest bidding concentrations seen in the 24 hours leading up to this writing are $60,200, $60,600, and $61,230.