Bitcoin Price has experienced a continued decline over the past week. The ongoing struggle between BTC bulls and bears has led to price consolidation around the $60K mark. The broader cryptocurrency market has seen a 1.18% decrease in market capitalization and an 8.19% decrease in trading volume in the last 24 hours. Bitcoin, the leading cryptocurrency, has demonstrated persistent downward movements during this period, drawing attention due to increased volatility.
Moreover, amidst the battle for dominance between Bitcoin bulls and bears, the price has struggled to surpass the $61K threshold in the past week. Over the last 24 hours, Bitcoin has faced a 0.96% price decline, contributing to growing selling pressure. Concurrently, daily trading volume for the digital asset has decreased by 0.33%. At the time of reporting, Bitcoin was priced at $61,169 according to data from CMC.
Bitcoin’s price had previously surged multiple times to reach the $70K mark in recent months, heightening investor expectations for a bullish rally post-halving. However, contrary to predictions, the price of BTC entered a bearish trend after reaching $70K. The most recent drop to the $60K level occurred earlier this week, with prices sliding to a monthly low of $58,601 on June 24. Notably, the token has recorded a weekly decline of 5.30% in price.
In the monthly overview of Bitcoin’s price, data from TradingView shows a 9.84% decline over the past month. The cryptocurrency failed to sustain the bullish momentum seen in March when it reached its new all-time high of $73,750. Despite starting the month near $70K, Bitcoin encountered bearish trends in subsequent days.
Additionally, Bitcoin surpassed resistance levels at $69K in early June, reaching a monthly peak of $71,906 on June 7. However, the latter half of the month witnessed several declines, causing the price to fall and find support around $60,597 this week.
Further indicating the bearish trend, Bitcoin’s short-term 9-day moving average remains below its long-term 21-day moving average. The bearish sentiment is reinforced by Bitcoin’s downward moving HMA, along with an RSI of 36.09, highlighting increasing selling pressure.
Moreover, significant movements were observed among BTC whales in the past 24 hours. According to reports from Whalealert, one Bitcoin whale unloaded 2,929 BTC valued at approximately $176 million onto the Coinbase exchange. Additionally, the past week saw a notable amount of BTC being sold off by a Bitcoin wallet associated with the German government.
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