Bitcoin has been struggling to break through bearish trends at the $65K level, facing resistance and experiencing price dips. Despite recent bullish movements that drew market attention, the overall crypto sector has shown a decline in market cap by 2.29% in the last 24 hours. This has led to a drop in Bitcoin’s price, causing altcoins to plummet as well.
In a recent 24-hour period, Bitcoin plummeted to a five-week low of $64,607, before rebounding back to the $65K level, finding support at $65,500. Currently, BTC is trading at $65,544 with a daily price decline of 0.83%. The daily trading volume has significantly increased by 86.13% during this time.
Looking back over the past week, Bitcoin’s price movements have been turbulent, with ups and downs creating uncertainty among traders and market analysts. Starting the week at $67K, Bitcoin saw a price pump driven by a drop in CPI interest rates, reaching a high of $69,977. However, the following day brought a bearish turn, with prices dropping to $67,361 on June 13, followed by more bearish candles than bullish ones.
According to TradingView, the monthly performance of Bitcoin shows a 1.75% decline, with the RSI indicating a slightly selling zone sentiment at 40.69. The short-term 9-day MA is currently above the market price, highlighting the current bearish trend. Despite this, there has been a lack of significant whale movements in the market recently.
Analysts have mixed predictions for Bitcoin’s future price movements, with some expecting prices to surpass $70K in the coming years, while others foresee a drop to $50,382 if bears take control. The overall crypto market has failed to sustain a recent price rally fueled by CPI data, as Ethereum also struggled to maintain its positive momentum following Bitcoin’s dips.
