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Bitcoin’s Downtrend Likely to End Soon

Written By: ChartChamp

June 24, 2024

Bitcoin has been in a downtrend since June 6, and has reached a very strong support level at $60.7k. I think we get a rebound soon as we approach July. Bitcoin has been trading sideways since Feb. 28. While this price action has been boring, it is providing all of us with more time to buy before the price goes higher. I think we rebound soon and see some upside in July. Bitcoin still needs to break above the yellow zone to start the rally.

BTC Drops Below $60k While ETH Holds

BTC has dropped below the $60k support, which is concerning but not the end of the world. I think ETH is holding up pretty well here despite BTC’s drop. There could be a rotation from BTC to ETH and Altcoins taking place ahead of the Ethereum ETF listing in July. BTC is trading near the lows over the past few months, and bulls have done a great job pushing the price back up from these levels (marked by white arrows). I would monitor for a bullish rebound over the next few days.

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