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2 July 2024 | FXGT.com

Technical overview – Bitcoin Ends June Down 7%, Recovery Signals Emerge Above $62K

  • Bitcoin’s June performance: Bitcoin ended June with a 7% decline, facing bearish pressure and retesting the $60,000 level. However, closing the monthly candle above $62,000 is viewed as a bullish sign.
  • Oversold Bitcoin Bounces Back: The June low, just above $58,500, flashed an oversold signal on RSI indicators before recovering above $60,000. This area, representing the 200-day exponential moving average channel, is significant for long-term buying opportunities. Initial signs of recovery from this area are feeding optimism for a further bounce in Bitcoin and the overall crypto market.
  • Bullish momentum: The recent break above $62,000 is seen as a bullish development, confirming a short-term bottom above $60,000 and shifting momentum to bullish. Bitcoin’s price is now above key moving average channels on the 1-hour and 4-hour timeframes, with the recovery being led by a bullish reversal pattern on the 4-hour chart.
  • Daily Resistance Zone: The market is preparing to test the resistance of the daily 45 exponential moving average channel between $64,000 and $66,000. This area has been a consistent resistance zone over the past four months, where the last break above it in mid-May led to a rally testing the $72,000 level. Breaking through this key resistance zone could solidify the short-term bottom and lead to a further recovery within the sideways range of the last four months.
  • Key Support Levels: Despite recent gains, Bitcoin’s price remains below the $64,000 to $66,000 resistance zone, keeping the overall daily trend under bearish pressure from key moving averages. A daily close below short-term support at $62,000 would shift momentum back to bearish, increasing the likelihood of retesting the 200-day moving average channel between $59,000 and $57,000. The key support level defending the long-term uptrend continues to be outlined at the May low above $56,500.

BTC Daily Chart

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