Bitcoin price sees oversold bounce to $62K but will it hold?

Bitcoin price snaps back above $62,000, but technical traders are unsure whether the BTC downtrend is over.

• Bitcoin (BTC) price hit a six-week low on June 24 before buyers stepped in to send the price back above $62,000 less than 24 hours later.
• Analyzing the current market structure, popular trader Jelle acknowledged that some buyer interest was returning at the lows, as the $60,000 zone acted as support.
• Jelle also noted that the oversold conditions displayed by BTC price following its drop to $58,400 on June 14, pointing to similarities between the current price action and when Bitcoin traded around $26,000 in August 2023.

Bitcoin finds support at the $60,000 support level

Data from Cointelegraph Markets Pro and TradingView showed Bitcoin attempting to recover the $62,000 level after dropping under $60,000 on June 24.

The demand area between $60,000 and $64,000 is a key support that traders and analysts are looking out for, as a breach of this level could result in deeper corrections.

• According to CoinGlass, the largest concentrations of bids that have appeared in the 24 hours to the time of writing are $60,200, $60,600 and $61,230.
• This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.