Bitcoin price has experienced notable declines in the past week.
The daily trading volume of BTC observed a 7% decrease.
The overall crypto sector, after the recent price recovery, has begun showing resistance to maintaining the bullish run. Bitcoin market price, in the past 24 hours has taken a bearish turn with prices sliding closer to $67K. The leading cryptocurrency hit market prices close to its all-time high of $73,750 last week.
In the past 24 hours, Bitcoin price declined by 0.71%, sliding down to a low of $67,188. BTC’s trading volume also dropped by 7.03% to $27 billion. At the time of writing, Bitcoin was trading for $67,544 and its market cap stood at $1.3 billion.
Will BTC Bulls Win the Combat Against Bears?
Zooming out, over the week, Bitcoin prices have shown increased volatility. According to CMC data, the crypto asset visited the $70K mark briefly on May 28, before sliding down to find support consistently at the $68K level.
Moreover, BTC price began the week on a bearish note sliding from $69,506 to a weekly low of $66,813. With a weekly performance of a negative 1.44%, BTC bears are posing a strong combat to the bullish comeback this week.
BTC/USDT Daily Trading Chart (Source: TradingView )
However, according to TradingView data, this month records a 6.74% increase in performance. Additionally, the year-to-date (YTD) performance has increased by 61.22%. With optimistic performances over the month, the recent decline can be attributed to a struggle to break resistance which analysts anticipated.
Additionally, the short-term 9-day SMA surpassed the current Bitcoin price underscoring the bearish movement. In terms of market sentiment, with an RSI of 52.90, BTC has remained in neutral condition. Meanwhile, the Fear & Greed Index at 73 indicates that the investors have leaned toward the greed zone.
Notably, spot Bitcoin ETFs have experienced consecutive inflows. According to Sosovalue data, the US spot BTC ETFs witnessed a daily total net inflow of $28.32 million as of May 29.
Furthermore, the recent $3 billion worth of Bitcoin transfer by Mt.Gox has stirred the market. In terms of whale movements, BTC whales have shown increased movements in the last 7 days. Analysts’ predictions for BTC have remained constant that prices will cross the $70K resistance.
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