Bitcoin Rebounds from Six-Week Low Amid Notable Market Fluctuations
Summary:
Bitcoin's price fell to a six-week low before rebounding above $62,000 within 24 hours, according to recognized trader Jelle. Bitcoin's relative strength index (RSI) hints at interesting scenarios as it hasn't been this low in almost a year. Robert Kiyosaki, author of “Rich Dad, Poor Dad,” views Bitcoin's dips as a chance to increase his investment. Bitcoin managed to stay above the $60,000 support level, hinting at a possible recovery. The most significant bids over the last 24-hours range from $60,200 to $61,230 as per CoinGlass.
On June 24, Bitcoin (BTC) encountered a six-week low, only to bounce back above the $62,000 mark in less than a day. Recognized trader, Jelle, remarked on emerging buyer interest at these low points, with the $60,000 mark functioning as a support level. His prediction was a return to $63,500 before the week concluded if BTC managed to secure a higher low on a lower-timeframe.
Jelle also highlighted the oversold state of BTC following a drop to $58,400 on June 14, drawing parallels to the price dynamics when BTC was around $26,000 in August 2023. While Bitcoin’s 2024 sequence differed, mainly due to a new high achieved prior to a block subsidy halving, persuasive evidence still suggests that Bitcoin has yet to reach its peak gains.
Jelle singled out the relative strength index (RSI) as a primary accelerator. The RSI traces whether an asset is overbought or oversold, and Bitcoin’s current daily RSI points to an intriguing scenario. According to Jelle, Bitcoin's daily RSI hadn't reached such lows in almost a year.
When in the “oversold” domain (below 70), Bitcoin is historical to demonstrate its most enthusiastic upside. Rebounds resulting from such readings can be long-lasting and lead to a sustained rally in the BTC price.
As Bitcoin dipped below the $60,000 mark, Robert Kiyosaki, the acclaimed author of “Rich Dad, Poor Dad,” saw an opportunity to expand his portfolio. He advised that market crashes are suited for selling by the majority, though he intended to buy more.
He suggested those panic-stricken by Bitcoin crashes to sell and retain their regular employment during market dips.
The recent plummet in Bitcoin value can be partially attributed to selling pressure emanating from the now-defunct crypto exchange Mt. Gox. On June 24, the Mt. Gox trustee announced repaying creditors in July with Bitcoin and Bitcoin Cash, leading to sales of over $9 billion worth.
Bitcoin managed to remain above the $60,000 support level. After dipping below $60,000 on June 24, Bitcoin appeared to be recovering, aiming for the $62,000 level. The demand area straddling from $60,000 to $64,000 holds interest for traders and analysts as breaching this point could initiate further corrections.
Renowned trader Aksel Kibar maintained that the BTC trend was still bullish, suggesting the recent dip was a return to the channel. A lengthy weekly black candle breaching the $60,000 support would prompt a shift from a bullish outlook to bearish, Kibar noted.
Bids ranging from $60,200, $60,600, and $61,230 have garnered the most attention over the last 24-hours, as per CoinGlass. Do note that this article is not conveying investment advice or propositions. Each investment carries risks and requires adequate independent research.
Published At
6/25/2024 10:45:38 PM
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