Bitcoin price has shown an extending struggle to overcome bearish trends at the $65K level.
BTC’s daily trading volume has increased significantly by 86.13%.
In the last 24 hours, the overall crypto sector has shown a decline in market cap by 2.29%. Bitcoin (BTC) has experienced a price dip, leaving altcoins to plummet in price. Bitcoin, despite drawing market attention in the past week with multiple bullish movements, shows signs of further drops.
In the last 24 hours, BTC plummeted momentarily to a five-week low of $64,607, according to CMC data. Its daily trading volume has increased significantly by 86.13% in the same timeframe.
Over the past few hours, BTC has climbed back to the $65K level finding support at the $65,500 range. At the time of writing, BTC was trading at $65,544 with a daily price decline of 0.83%.
Bitcoin Weekly Price Analysis
Zooming out over the past week, BTC prices have caused contrasting waves in the market. As the cryptocurrency moved between upward movements and price dips, it left traders and market analysts in a frenzy. It began the week trading at the $67K level, after which Bitcoin witnessed a pump in price fueled by the drop in CPI interest rates.
Moreover, the upward movement reached a recent high of $69,977 raising hopes for BTC hitting the $70K level. However, contrary to expectations, the cryptocurrency experienced a bearish turn the following day, dropping down to $67,361 on June 13. The next few days saw further bearish candles over bullish candles.
According to TradingView data, the cryptocurrency’s monthly performance shows a 1.75% decline. The RSI stands at 40.69 indicating that the market sentiment leans toward a slightly selling zone.
Furthermore, Bitcoin price’s current bearish turn is underscored by the short-term 9-day MA ranging over the current market price. Moreover, amidst the price dip, there has been a lack of whale movements in the past few days.
Meanwhile, Analysts have predicted that BTC prices will hit new highs beyond $70K in the coming years. TheNewsCrypto analysts’ prediction for BTC’s bullish price in 2024 is $81,013. On the other hand, if BTC bears take over the prices might drop down to $50,382.
The overall crypto market has failed to prolong the recent CPI data fueled price hike. Following Bitcoin dips, the second leading cryptocurrency Ethereum also did not sustain the recent price rally caused by positive CPI data.