- Bitcoin price showed a 12.76% decline in the last 30 days.
- The US Spot Bitcoin ETFs have also recorded outflows according to Sosovalue data.
Bitcoin, the leading cryptocurrency, showed further price declines in the last 24 hours. The token has experienced several bearish price movements in June, after its bullish trends in the previous months. The leading digital asset’s persisting price dips have caused concern in the market.
Notably, over the last 24 hours, the token experienced a slight upward movement and traded momentarily at $62,880. However, with a daily decline of 3.23%, the BTC price slid down to the $60K level. At the time of writing, the token was trading at $60,260 according to CMC data. Meanwhile, its daily trading volume has increased by 18.84%.
Zooming out, over the past month Bitcoin price recorded a 12.84% decline. The token showed several bull-bear combats as prices experienced high volatility. While analysts expected Bitcoin to witness a bullish takeover, the cryptocurrency continues to remain on the bearish end.
Moreover, TradingView reports indicate mounting selling pressure in the market as RSI stands at 35.83. Additionally, the Hull Moving Average (HMA) stands above the current trading price underscoring the bearish trend.
Where is Bitcoin Price Headed in the Coming Months?
Bitcoin price in H1 2024 exhibited intriguing patterns, keeping traders and market analysts on edge. The token witnessed increasing upward movements and prices skyrocketed to a new all-time high in March. Investors expected Bitcoin to continue the bullish rally beyond $70K after the Halving in April.
Subsequently, after halving BTC prices rallied to the $70K level in May. However, in June the cryptocurrency, as aforementioned, showed price declines. When analyzing these movements with previous halving cycles, it indicates that Bitcoin may be witnessing a halving cycle bottom, before a bullish run.
As indicated by the TradingView Bitcoin Halving Cycles chart, prices after halving witnessed a price rally. Following this, halving cycles exhibit a bearish trend after which prices rallied yet again.
Moreover, significant market analysts have also maintained an optimistic outlook toward a long-term Bitcoin bullish run. According to Rekt Capital’s July 1 update, Bitcoin is showing signs for macro bullish runs.
Meanwhile, the recent German government’s selling of Bitcoin has been identified as a potential cause for the recent price dip. Relatively, the token’s US spot ETFs have also recorded outflows in the last 24 hours.
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