Over the last seven days, there has been a continued decline in the price of Bitcoin. The ongoing battle between the bullish and bearish sentiments in the BTC market has led to a consolidation of prices around the $60K mark. This period has seen a 1.18% decrease in the overall crypto market cap and an 8.19% drop in trading volume within the past 24 hours. Bitcoin, the leading cryptocurrency, has been experiencing consistent downward movement over the last week, garnering attention due to its heightened volatility.
The struggle for dominance between the bears and bulls has prevented the price from surpassing the $61K threshold in the recent week. Within the last 24 hours, BTC faced a 0.96% decline in price, intensifying selling pressures, while the daily trading volume also saw a 0.33% reduction. As of the latest available data, Bitcoin was being traded at $61,169 according to CMC information.
Despite multiple rallies pushing Bitcoin’s price to the $70K level in recent months, building up expectations for a post-halving bullish surge, the reality has been different, with the price taking a bearish turn after hitting $70K. The most recent drop to the $60K level occurred at the beginning of the current week as bearish momentum took over, leading prices to dip to a monthly low of $58,601 on June 24, resulting in a weekly decline of 5.30%.
Bitcoin’s price performance over the last month has seen a 9.84% decrease according to TradingView data. Following its peak at $73,750 in March, Bitcoin has struggled to maintain its bullish momentum. Starting the month near $70K, the cryptocurrency faced bearish trends as the month progressed.
During the month, Bitcoin broke resistance levels at $69K, reaching a high of $71,906 on June 7, before experiencing a series of declines that pushed the price down to find support at $60,597 this week. The short-term moving average (MA) of 9 days is below the long-term MA of 21 days, indicating a bearish trend. This is further confirmed by Bitcoin’s HMA trending downwards, alongside increasing selling pressure as reflected in the RSI of 36.09.
In recent market activities, Bitcoin whales have made significant moves. For instance, Whalealert reports indicate that a Bitcoin whale transferred 2,929 BTC, equivalent to around $176 million, to the Coinbase exchange. Additionally, a German government Bitcoin wallet has been reported to have sold large amounts of BTC over the past week.
Today’s highlighted crypto news features Politifi tokens, representing experiences related to Trump and Biden, showing a decline post-debate.
