Cryptocurrencies began the week with an upward trajectory, but today saw a reversal as prices once again dipped below $62,000. With prevailing market uncertainty, the future direction of prices remains ambiguous. Against this backdrop, prominent firms and market analysts are weighing in on the outlook for BTC.
Bitcoin’s recent price movements depict a recovery attempt, yet technical signals indicate underlying concerns. Notably, a graph released by investment research firm Game of Trades on July 2nd attracted attention, highlighting BTC’s return to the $62,000 zone after roughly four months, prompting apprehension among investors.
Market indicators underscored Bitcoin’s two consecutive corrections of 20% since its peak in March, contrasting sharply with trends observed in 2023 and early 2024. The downturn in Bitcoin’s technical indicators troubled Game of Trades, suggesting the potential for further declines, though some analysts suggested a possible bear trap scenario. Meanwhile, the disparity between Bitcoin and the S&P 500 did not go unnoticed.
Despite a bearish sentiment prevailing in the market, data indicated ongoing selling by Bitcoin whales in recent months, diverging from patterns observed in 2022. As of the latest update, Bitcoin’s price retreated to $61,800 from yesterday’s peak of $63,000.
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Disclaimer: This article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies, and conduct thorough research before making investment decisions.
