On June 25, Bitcoin (BTC) returned to $62,000 as it slowly regained ground lost from the weekly open. After the Wall Street open, the BTC price was seen to exhibit a steady recovery.

The previous day, bulls saw a trip to seven-week lows at $58,500 trigger a series of capitulations. Bitcoin's Relative Strength Index (RSI) has reached its lowest levels since August 2023, the last time it abandoned bull market support lines as well as its short-term conservative total cost basis.

Popular trader Daan Crypto Trades said, “The range has been kept where it should be.” "Yesterday was the biggest net selling day in Bitcoin. RSI levels also reached levels not seen in a year."

Data from tracking resource CoinGlass shows total BTC long liquidations for June 24 below $150 million. “Massive liquidity zone at 65K and everywhere up to that point,” Daan Crypto Trades said.

Mt. Talks continued to circulate about the psychological—if not physical—impact of the Gox bankruptcy proceedings. “We think there will continue to be selling pressure in the market as markets and prices try to digest what 140,000 BTC means,” QCP Capital said.

BASE. Bitcoin versus dollar

Fellow trader Skew warned about the continued strength of the US dollar, a traditional headwind for risk assets and crypto, and suggested this will continue in the short term. However, Matthew Dixon, CEO of crypto rating platform Evai, applied Elliott Wave theory to the US dollar index (DXY), arguing that the picture is bearish for dollar bulls.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.#blockchain#bitcoin#cryptocurrency#finance#technologyWe are waiting for your comments.