Home / Blog / Category / Market Analysis / Technical overview – Bitcoin Ends June Down 7%, Recovery Signals Emerge Above $62K
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

Help us improve this article.
Disclaimer: Any material and information included herein are intended for general marketing purposes only and does not constitute investment advice or recommendation nor an invitation to acquire any financial instrument and/or be involved in any financial transaction. The investor is solely responsible for the risk of his investment decisions and if considers appropriate, he should seek relevant independent professional advice before making any decision. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. Please read full Non-Independent Investment Research Disclaimer here. Risk Disclosure: CFDs are complex instruments and carry a high level of risk of losing money. Read full Risk Disclosure here .

Blog Search

Categories

Blog Categories

Tag

Blog Tags

Register and Share Buttons EN

Register

Loved our latest article?

Share it with your friends and followers!

Copied to clipboard
To top

Leveraged products may not be suitable for everyone and may result in loss of all your capital. Please ensure you fully understand the risks involved and whether trading is appropriate for you. Read Full Risk Disclosure here.