Bitcoin price has seen significant declines in the past week, with the daily trading volume of BTC dropping by 7%. Despite a recent price recovery, the overall crypto sector is showing resistance to maintaining the bullish trend. In the past 24 hours, Bitcoin market price has taken a bearish turn, sliding closer to $67K. Last week, the leading cryptocurrency reached market prices close to its all-time high of $73,750.
Over the week, Bitcoin prices have displayed increased volatility. The crypto asset briefly reached the $70K mark on May 28 before consistently finding support at the $68K level. Starting the week on a bearish note, BTC price dropped from $69,506 to a weekly low of $66,813. With a negative 1.44% weekly performance, BTC bears are posing a strong challenge to the bullish comeback this week.
Despite this, data from TradingView shows a 6.74% increase in performance for the month and a 61.22% increase in year-to-date (YTD) performance. While the recent decline can be attributed to a struggle to break resistance as anticipated by analysts, it’s worth noting that short-term indicators and market sentiment remain relatively neutral.
Spot Bitcoin ETFs have seen consecutive inflows, with the US spot BTC ETFs experiencing a daily net inflow of $28.32 million as of May 29, according to Sosovalue data. Additionally, the recent $3 billion Bitcoin transfer by Mt.Gox has created ripples in the market, and BTC whales have shown increased activity in the past 7 days. Analysts have consistently predicted that BTC prices will surpass the $70K resistance.
In other news, Hashdex has withdrawn its Ethereum ETF bid after the SEC approved rival proposals. This development has gained attention in the crypto community.