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Bitcoin, as markets slowly regained lost ground at the weekly opening, returned to the $62,000 level on June 25. Data from TradingView showed that Bitcoin’s price strength recorded a temporary recovery after the Wall Street opening. Bulls had struggled as the previous day’s drop to a seven-week low of $58,500 led to a series of capitulations.
Notable Statements from a Famous Figure
Bitcoin’s Relative Strength Index (RSI) data on 4-hour time frames reached its lowest levels since August 2023; this was also the last time the BTC/USD pair abandoned short-term holder cost bases like bull market support lines. Popular trader Daan Crypto Trades shared the following statements in one of his latest updates on X:
“The range held where needed. Yesterday was the largest net selling day in Bitcoin in over a year. RSI levels also reached levels not seen in a year.”
Data from blockchain analysis platform CoinGlass showed that total Bitcoin long liquidations in the futures market on June 24 were just under $150 million.
Daan Crypto Trades explained that there is a massive liquidity zone at $65,000 and stated:
“I think this will be a good level to target in the short term and see how the market looks by then.”
What’s Happening on the Bitcoin Front?
Mt. Gox bankruptcy proceedings continue to be a topic of discussion, not for their physical but psychological impact. Trade firm QCP Capital, in a recent update to its Telegram channel subscribers, stated:
“As markets and prices try to digest what 140,000 Bitcoin means, we think selling pressure will continue. Given how expensive it is to hold responsible positions and option positions for a long time, current Mt Gox creditors are likely unprotected.”
QCP noted that Bitcoin’s price is currently near its 200-day exponential moving average (EMA), which is almost exactly $58,000. The last time the BTC/USD pair traded below this trend line was in October.
