Bitcoin BTCUSD returned to $62,000 on June 25 as markets slowly clawed back lost ground from the weekly open.
BTC price tests 200-day trendline as market bounces
Data from Cointelegraph Markets Pro and TradingView showed BTC price strength staging a tentative recovery after the Wall Street open.
Bulls had suffered the day prior, as a trip to seven-week lows of $58,500 sparked a cascade of capitulations.
Bitcoin’s Relative Strength Index (RSI) reading on 4-hour timeframes hit its lowest levels since August 2023 — also the last time that BTCUSD also gave up bull market support lines such as the short-term holder aggregate cost basis.
“Range held where it needed to,” popular trader Daan Crypto Trades confirmed in one of his latest updates on X (formerly Twitter).
“Yesterday was the largest net selling day in Bitcoin in over a year. RSI levels also hit levels not seen in a year.”
Data from monitoring resource CoinGlass put total BTC long liquidations for June 24 at just under $150 million.
“Massive liquidity zone at $65K and all the way up to that point,” Daan Crypto Trades continued.
“I think that would be a good level in the short term to target and see how the market looks by then. Invalidation is losing the range low at ~59K.”
Talk of the psychological — if not physical — impact of the Mt. Gox bankruptcy proceedings continued to circulate.
“We think there will continue to be selling pressure in the market as markets try to digest what 140,000 BTC means for markets and prices that in,” trading firm QCP Capital wrote on the topic in part of its latest update to Telegram channel subscribers.
“Existing Mt Gox creditors are probably unhedged given how expensive it is to hold perp positions and option positions for long periods of time.”
QCP noted that BTC price had bounced near its 200-day exponential moving average (EMA), currently at almost exactly $58,000. The last time