Bitcoin price action goes back above USD 62,000

It would seem that we are on a stepping stone where the Bitcoin price action does not have or rather does not find stability, this if we take into account that the Bitcoin price action is back above USD 62,000, but technical traders are not sure that the BTC downtrend is over.

In correlation with information socialized on the Cointelegraph portal, "The Bitcoin price hit a six-week low on June 24, before buyers stepped in to push the price back above USD 62,000 less than 24 hours later."

Now, "Analyzing the current market structure, popular trader Jelle acknowledged that some buying interest was returning at the lows, as the USD 60,000 area acted as support"

On the other hand, "Although the 2024 cycle is different, with Bitcoin reaching a new all-time high before, rather than after a block grant halving, there is still plenty of evidence to suggest that Bitcoin's biggest gains are yet to come."

It should be noted that, "Historically, Bitcoin tends to show its strongest upside momentum when the RSI is in the "oversold" zone below 70. Readings of this type can lead to sustained bounces that can last for a considerable time before the BTC price rally becomes sustainable"

Cointelegraph. Bitcoin price sees oversold bounce to $62K, but will it hold?. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph