Bitcoin Reaches 62000 as 6 Price Rebound Clashes with Strong US Dollar

Bitcoin (BTC) reached $62,000 on June 25 as markets gradually recovered from the weekly open.
The BTC/USD 1-hour chart from TradingView showed that BTC price tested the 200-day trendline as the market bounced back.
Data from Cointelegraph Markets Pro and TradingView indicated that BTC price strength was making a tentative recovery after the Wall Street open.
The day before, bulls had suffered as BTC dropped to seven-week lows of $58,500, leading to a cascade of capitulations. The Relative Strength Index (RSI) reading on 4-hour timeframes reached its lowest levels since August 2023, which was also the last time that BTC/USD gave up bull market support lines such as the short-term holder aggregate cost basis.
Popular trader Daan Crypto Trades confirmed in his latest updates that the range held where it needed to.
Data from monitoring resource CoinGlass showed that total BTC long liquidations for June 24 were just under $150 million. Daan Crypto Trades noted the massive liquidity zone at $65K and all the way up to that point.
There was continued talk of the psychological and physical impact of the Mt. Gox bankruptcy proceedings. Trading firm QCP Capital wrote that there would likely be selling pressure in the market as it tries to digest what 140,000 BTC means for markets and prices.
QCP also noted that BTC price had bounced near its 200-day exponential moving average (EMA), currently at almost exactly $58,000. The last time BTC/USD traded below that trendline was in October.
Fellow trader Skew warned of ongoing strength for the U.S. dollar, which is traditionally a headwind for risk assets and crypto, and suggested that this would continue in the short term.
Applying Elliott Wave theory to the U.S. dollar index (DXY), Matthew Dixon, CEO of crypto rating platform Evai, argued that the picture was bearish for dollar bulls.
He commented on the 15-minute chart that a valid 5 waves down for DXY is a very promising sign for BTC & Crypto.
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.