Bitcoin has seen a decrease in price of 12.76% over the past month, and US Spot Bitcoin ETFs have also experienced outflows, according to data from Sosovalue.
The leading cryptocurrency, Bitcoin, has continued to decline in price over the last 24 hours. After a period of bullish trends in previous months, the token has faced several bearish movements in June, causing concern in the market.
In the last 24 hours, Bitcoin briefly traded at $62,880 before dropping 3.23% to $60,000. At the time of writing, the token was being traded at $60,260, with a daily trading volume increase of 18.84%, according to CMC data.
Over the past month, Bitcoin has seen a decline of 12.84% in price, with high levels of volatility and several bull-bear confrontations. Analysts had expected a bullish takeover, but the cryptocurrency has continued to remain on the bearish end.
TradingView reports show mounting selling pressure in the market, with an RSI of 35.83, and the Hull Moving Average (HMA) standing above the current trading price, indicating a bearish trend.
In the first half of 2024, Bitcoin displayed intriguing patterns, reaching a new all-time high in March. After the Halving in April, investors expected the bullish rally to continue beyond $70,000. However, in June, the cryptocurrency experienced price declines, leading some to believe that it may be witnessing a halving cycle bottom before a bullish run.
According to the TradingView Bitcoin Halving Cycles chart, prices have traditionally rallied after halving, followed by a bearish trend, and then a subsequent rally.
Major market analysts have also expressed optimism about a long-term bullish run for Bitcoin, with Rekt Capital’s July 1 update indicating signs of macro bullish runs.
The recent sale of Bitcoin by the German government has been cited as a potential cause for the recent price dip, and US spot ETFs have also recorded outflows in the last 24 hours.
In other crypto news today, there is speculation about SHIB’s potential for a big move following the lead developer’s talks in Japan.
