Bitcoin price reclaims 3,000: can the recovery reach 4K?
By Olivia Stephanie from crypto.news
Bitcoin price recovered above $62,000 on Monday after last week’s selloff pushed the asset to about $59,100.
Key points: Bitcoin reclaimed its 200-week moving average after sweeping February’s low; resistance remains near $64,000. Oversold RSI supports a relief bounce, while bearish MACD suggests sellers still control broader momentum. Rising open interest increases liquidation risk if the recovery fails.
Bitcoin price holds the 200-week moving average
Bitcoin closed the week above its 200-week simple moving average near $62,800 after sweeping the February low, according to crypto analyst Crypto Rover. Traders follow this average because it tracks Bitcoin’s long-term trend.
Holding above it could support another test of $64,000 to $64,200. A daily close below the average would return attention to $60,000 and the recent $59,100 low.
The June decline followed several waves of macro pressure. Higher inflation weakened expectations for easier monetary policy in May. Strong U.S. employment data then added another setback.
The economy created 172,000 jobs in May, compared with forecasts of 85,000, while unemployment stayed at 4.3%. Bitcoin’s break below $60,000 also came as total crypto liquidations passed $1.7 billion within 24 hours.
Oversold RSI meets a still-bearish MACD setup
Bitcoin’s 14-day relative strength index (RSI) stood at 26.43, below the 30 oversold threshold and its RSI moving average of 28.60. That suggests selling became stretched, which can support a short-term bounce without confirming a lasting bottom.
Crypto Rover also pointed to the Fear and Greed Index falling to 8 (“extreme fear”). Trader Scott Melker said Bitcoin may be forming a weekly bullish divergence from oversold RSI, but noted the signal still needs confirmation from price and momentum turning higher together.
Meanwhile, Bitcoin’s MACD line was near -4,019.58, below the signal line at -2,951.83, while the histogram remained negative at -1,067.75. Rising selling volume supports the bearish momentum reading and suggests sellers remain active despite the rebound.
Trump-Iran headlines keep Bitcoin traders cautious
Bitcoin’s move toward $64,000 followed comments from U.S. President Donald Trump about a possible agreement with Iran. Trump said the parties were “very close” to a deal, and traders initially treated the remarks as a reduction in geopolitical risk.
Events on June 8 weakened that optimism after Israel struck military targets and a petrochemical site in Iran following reported missile launches. Brent oil rose above $96 per barrel, and higher energy costs could keep inflation and interest-rate concerns active for Bitcoin.
Bitcoin support levels place $55,000 next in focus
Analyst Ali Martinez listed the 200-week average at $62,800, the 300-week average at $55,000 and the 400-week average near $42,500. Traders see these as a long-term support ladder rather than fixed targets.
Bitcoin must first defend $62,800 and $60,000 before the lower averages become active tests. The $55,000 area also matches a long-running trendline tracked by Crypto Patel, making it a broader support zone if the recent low fails.
Derivatives data adds another risk: open interest rose while Bitcoin’s price fell, suggesting traders added leverage during weakness. That setup can produce a short squeeze if BTC clears $64,200, or another long squeeze if the price falls below $60,000.
For now, $62,800 remains the main dividing line. Holding it would keep $64,200 within reach and give buyers time to build a base; failing to hold it would put $60,000, $59,100 and $55,000 back in focus.
Source : https://crypto.news/bitcoin-price-reclaims-63000-can-the-recovery-reach-64k/
