The price of bitcoin surges back above $62,000, but traders who follow technical analysis aren't convinced if the decline is complete.

On June 24, the price of bitcoin fell to a six-week low, but less than a day later, investors snapped up the asset, pushing the price back above $62,000.

Popular trader Jelle observed that some buyer interest was resurfacing at the lows after analysing the current Bitcoin market structure, with the $60,000 region serving as support.

The analyst stated on June 25 on X, "I think we run it back to $63,500 before the week is out if #Bitcoin can lock in a lower-timeframe higher low today."

Jelle also pointed out that the price of Bitcoin was showing signs of oversold circumstances after dropping to $58,400 on June 14. She said that there were parallels between the present price movement and the August 2023 price of Bitcoin, which was approximately $26,000.

Even if the 2024 cycle is unique in that Bitcoin reached a new all-time high prior to the block subsidy halving, there is a lot of data to show that the cryptocurrency's greatest gains are still to come.

The relative strength index (RSI) is a key enabling component for Jelle.

The RSI is an oscillating indicator that follows trends and shows how much an asset is overbought or oversold at a particular point in time. The daily chart of BTC/USD presents an interesting picture.

"In almost a year, Bitcoin's daily RSI has not been this low," the analyst stated in a post on X on June 24.

Historically, when the RSI is below 70 and in the "oversold" zone, Bitcoin tends to exhibit its strongest upside. When such readings occur, the price of bitcoin may experience consistent increases that last for a while before becoming sustainable.

The author of "Rich Dad, Poor Dad," Robert Kiyosaki, also commented on Bitcoin's decline below $60,000. Kiyosaki sees this as an opportunity to grow his holdings.

Coin prices are plummeting. The majority of folks ought to sell. In a recent post on X, Kiyosaki stated, "I am waiting to buy more."

During market downturns, the well-known author advised people who are afraid of Bitcoin crashes to sell and find stable employment.

Part of what caused the most recent Bitcoin meltdown was selling pressure from the now-defunct cryptocurrency exchange Mt. Gox. The trustee for Mount Gox revealed intentions on June 24 to pay back its creditors in July. Repayments to creditors in Bitcoin and Bitcoin Cash, estimated at current exchange rates to be worth over $9 billion, will be made in accordance with the rehabilitation plan.
After falling below $60,000 on June 24, data from Cointelegraph Markets Pro and TradingView showed that Bitcoin was making an attempt to regain the $62,000 mark.

Traders and analysts are keeping a close eye on the demand zone between $60,000 and $64,000, as a breach of this level could lead to more significant corrections.

"$BTCUSD continues to rise steadily. In his most recent Bitcoin analysis on X, well-known trader Aksel Kibar stated that it "still can be considered a pullback to the channel."

The expert highlighted the significance of the support offered by the upper boundary of the ascending parallel channel around $60,000, citing a bullish technical scenario.