Are Bitcoin Bears Dominating as BTC Price Declines Further?

• Bitcoin has shown sharp price declines recording a 10% decline in June 2024.
• The cryptocurrency witnessed a 15.63% reduction in daily trading volume.

The leading cryptocurrency, Bitcoin, caused a tumult by sliding back to the $60K level earlier this week. With constant bull-bear combats, the token has failed to reach new highs as expected post-halving. Over the past few months, BTC price has been dallying around the $60K to $70K range.

In the past 24 hours, BTC observed a notable 15.63% decline in daily trading volume and a 0.35% decline to the $60K margin. At the time of writing, Bitcoin was trading at $61,245.

During Asian morning hours, BTC price descended to a one-day low of $60,585 as per CMC data. Following this, it recorded modest increases to surpass the $60K level in the latter half of the day.

Moreover, over the last seven days, Bitcoin has shown a 7.90% price decline and hit a 6-week low of $58,402 on June 24. The recent declines have raised bearish sentiments in the market apart from speculations and FUD for the coming months. Amidst the mixed price action, the market detected the sales of large amounts of BTC from a wallet address identified as the German government in the past week.

Bitcoin (BTC) Price Over the Month

According to TradingView data, Bitcoin has exhibited a monthly decline of 12.06%. At the beginning of June, it was trading around the $68K level after which followed a short bullish run. During that time, it reached a monthly high of $71,979. However, the second half of June witnessed sharp declines as bears took over reaching current trading levels.

BTC/USDT Daily Price Chart (Source: TradingView)

While the token’s year-to-date (YTD) still shows a 44.41% increase. The daily RSI stands at 33.73 indicating a strong selling pressure. Connectedly, the Bitcoin Fear and Greed Index also denotes a fear sentiment among investors. Additionally its short-term 9-day MA stands below the 21-day MA highlighting the bearish trend.

However, the token witnessed a significant price pump in May 2024 inching closer to its recent ATH of $73,750. This caused an expectation of finally pricing in the Bitcoin halving in April. Moreover, market analysts have maintained a positive outlook toward BTC prices in the coming months. The token is expected to combat current resistance levels in the coming months.

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