) 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.Analyzing the current market structure, popular trader Jelle acknowledged that some buyer interest was returning at the lows, as the $60,000 zone acted as support.
The RSI is a trend-following oscillating indicator that captures the extent to which an asset is overbought or oversold at a given level, and on a daily time frame, BTC/USD is painting an exciting picture.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.
The famous author suggested that those terrified by Bitcoin crashes should sell and hold a steady job during market downturns. The recent Bitcoin crash was partly triggered by selling pressure from the defunct crypto exchange Mt. Gox. On June 24, the Mt. Gox trusteein July. Under the rehabilitation plan, creditors will receive repayments in Bitcoin and Bitcoin Cash, estimated to be worth over $9 billion at current rates.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.
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