Where is Bitcoin (BTC) Price Headed As Bulls and Bears Stage a Combat?

• Bitcoin Price has shown further declines in the past seven days.
• The BTC bulls and bears combat has caused a price consolidation at the $60K level.

The overall crypto market showed a 1.18% decline in market cap and a 8.19% decline in trading volume in the last 24 hours. Leading cryptocurrency Bitcoin has continued to show downward movements which have been persistent for the last seven days. BTC price has caught market attention as the token shows increased volatility.

Moreover, as the Bitcoin bears and bulls fight for dominance, the price has struggled to surpass the $61K level in the past week. In the last 24 hours, BTC recorded a price decline of 0.96% instigating an increasing selling pressure. Meanwhile, the digital asset’s daily trading volume recorded a 0.33% decrease. At the time of writing, Bitcoin was trading at $61,169 according to CMC data.

Moreover, Bitcoin’s price rallied several times to the $70K level in the past months fueling investors’ expectations for the post-halving bullish rally. But, contrary to predictions and expectations, BTC price showed bearish trends following the $70K level hit.

The most recent price dip to the $60K level occurred at the beginning of this week. As the bears took over, prices slid down to a monthly low of $58,601 on June 24. Notably, the token has shown a weekly price decline of 5.30%.

Bitcoin (BTC) Price Monthly Overview

In the past month, Bitcoin price declined by 9.84% according to TradingView data . The token has failed to sustain the bullish run that occurred in March when it hit its new ATH at the $73,750. While BTC price began the month near the $70K level, it encountered bearish trends in the coming days.

BTC/USD Daily Price Chart (Source: TradingView )

Moreover, the cryptocurrency surpassed resistance levels at $69K and climbed to a monthly high of $71,906 on June 7. However, the latter half of the month witnessed several dips causing the price to slide down and find support at $60,597 this week.

Additionally, Bitcoin’s short-term 9-day MA stands below the long-term 21-day MA indicating the bearish trend. The bearish trend is further highlighted by Bitcoin’s HMA moving downwards. While, as aforementioned the token shows an increasing selling pressure with an RSI of 36.09.

Furthermore, BTC whales in the past 24 hours have made several moves in the market. According to Whalealert reports, one Bitcoin whale dumped 2,929 BTC worth $176 million approximately into the Coinbase exchange. Moreover, this past week witnessed a Bitcoin wallet identified as the German government selling large amounts of BTC.

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