On June 24, BTC prices fell to a six-week low, and then less than 24 hours later, buyers stepped in and pushed the price back above $62,000. Since the $60,000 area has acted as support, this has also attracted some buyers.
After falling below $60,000 on June 24, Bitcoin is trying to recover to the $62,000 level. The price is currently hovering around $62,000, which is also the support range we mentioned earlier. This position is best to form recent support, so that a breakout of the reversal trend line is imminent.
BTC prices have shown oversold conditions after falling to $58,400 on June 14, which shows that the current price trend is similar to the price trend in August 2023 when Bitcoin was trading at around $26,000.
While the 2024 cycle is different, with Bitcoin hitting a new all-time high before the block subsidy halving rather than after, there is still plenty of evidence to suggest that the biggest gains are still ahead in the bull run.
