Today, Tuesday, June 25, the price of Bitcoin and other cryptocurrencies showed a recovery after the collapse of the previous day. Yesterday, Bitcoin broke through $60,000, hitting a low of $58,589.9, its lowest level since early May. However, today it has experienced a rebound. What technical indicators should we consider to evaluate this recovery? Two key tools are the Relative Strength Index (RSI), which yesterday touched the value of 25, indicating oversold #BTC, and the Bollinger Bands, where the price touched the lower band, confirming an oversold. With this panorama, today's 2.9% recovery is encouraging and may mean the beginning of an upward trend, and why not, the path towards the expected#ATHafter the halving.
Bitcoin, the best-known cryptocurrency with the highest market capitalization, has experienced a drop of 4.98% this Monday, June 24, 2024. According to data from the Investing platform, the price of Bitcoin stands at $61,300, which is equivalent to 1,107,000 Mexican pesos or 57,094 euros per unit.
This drop comes after a week of pressure on miners to sell due to higher breakeven prices after the halving. Miners' BTC holdings have declined to the lowest level in the last 14 years, and the market has also been unsettled by the emergence of a large new supply pool. Additionally, spot Bitcoin ETFs in the United States have seen investor outflows for two weeks, accumulating around 1 billion in the last 15 days.
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