Bitcoin price recovered above $62,000 on Monday after last week’s selloff pushed the commodity to around $59,100.
Summary
- Bitcoin reclaimed its 200-week moving average after February’s low sweep, but resistance remains near $64,000.
- The Oversold RSI is supporting a supportive bounce, while the bearish MACD shows that sellers are still in control of the broader momentum.
- An increase in open interest increases the risk of a reversal as traders eye $55,000 if the recovery loses support.
The rebound carried BTC briefly near $64,200 before sellers returned, leaving the market between long-term support and its first recovery barrier.
At the time of writing, Bitcoin traded near $63,000, up 1.39% over 24 hours. Its daily range is between $61,206 and $63,739, while the seven-day loss remained at 14.06%. Buyers have slowed down, but have not reversed the broader weekly trend. ETF flows and futures positions also remain an important test for reinvestment.
Bitcoin price is holding a 200-week moving average
Bitcoin closed the week above its 200-week moving average near $62,800 after sweeping February lows, according to crypto analyst Rover. Traders follow this ratio because it tracks the long-term trend of Bitcoin.
A hold above could support another test of $64,000 to $64,200. A daily close below the average would bring attention back to $60,000 and the recent low of $59,100.
June’s decline followed several waves of high pressure. Higher inflation weakens expectations for easy monetary policy in May. Strong US employment data then added another pullback.
The economy created 172,000 jobs in May, compared with forecasts of 85,000, and unemployment stood at 4.3%. As previously reported by crypto.news, Bitcoin’s break below $60,000 came as the total liquidation of the crypto exceeded $1.7 billion within 24 hours.
The Oversold RSI meets the MACD setup that it still has
Bitcoin’s 14-day relative strength index stands at 26.43, below the oversold threshold of 30 and its RSI moving average of 28.60. The reading shows that sales have expanded, which could support a bounce in relief without confirming a permanent bottom. According to an analyst at Crypto Rover, the Fear and Greed Index also dropped to 8, putting the sentiment at “great fear.”
Wolf of All Streets trader Scott Melker said Bitcoin is likely to form a weekly bullish breakout on the oversold RSI. “It is necessary this week to close with a clear elbow on price and RSI,” he wrote. The signal remains uncertain because price and momentum must rise together.
Bitcoin’s MACD line remains near -4,019.58, below the signal line at -2,951.83, while the histogram remains negative at -1,067.75. The rising trading volume supports the bearish momentum reading and indicates that traders remain active despite the reversal.
Trump-Iran headlines keep Bitcoin traders on guard
Bitcoin’s move to $64,000 follows US President Donald Trump’s comments about a possible deal with Iran. Trump said the parties were “very close” to a deal and said Israeli Prime Minister Benjamin Netanyahu was not in control of the deal, according to Reuters. Traders initially treated the announcement as a possible reduction in country risk, helping stocks and cryptocurrencies recover from their week-end declines.
The events of June 8 weakened that hope. Israel has attacked military targets and a petrochemical complex in Iran after Tehran fired missiles at Israel. Trump insisted the attack would not derail the talks, but the renewed exchange left the deal uncertain.
Brent oil rose above $96 a barrel as prices gained more than 3%. Higher energy costs could keep inflation and interest rate concerns at bay for Bitcoin. So the market may remain sensitive to each new military or official update.
Bitcoin support levels put $55,000 next in focus
Analyst Ali Martinez posted the 200-week average at $62,800, the 300-week average at $55,000 and the 400-week average near $42,500. These levels form a ladder of long-term support rather than fixed goals.
Bitcoin must first defend $62,800 and $60,000 before lower rates become viable tests. The $55,000 area also matches the long-term line followed by Crypto Patel, making it the next broad support area if the recent decline fails.
Calls of $42,500 or $35,000 remain conditional bearish positions rather than immediate predictions. Bitcoin will need to lose the 200-week moving average, the $60,000 level, the $59,100 low and the $55,000 region before those levels grow. That sequence gives traders several areas to test before treating the deep fall as a primary strategy.
Derivative data adds another risk. Crypto.news reported that open interest rose while the price of Bitcoin fell, indicating that traders added strength during a period of weakness. That setup could produce a short squeeze if BTC clears $64,200, or another long squeeze if the price falls below $60,000. A strong close above $64,200 will strengthen the recovery and support the Bullish RSI case.
For now, $62,800 is still the dividing line. Holding it could save $64,200 available and give buyers time to build a foundation. Failure to hold the 200-week moving average will put $60,000, $59,100 and $55,000 back in focus, while the bearish MACD will remain a strong trend signal.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.
