Bitcoin is starting off the final week of June on a downward trend, approaching a retest of its lowest range as the price hovers near $60,000. The cryptocurrency has dropped by 1.25% since the daily close on June 24, challenging the resilience of bullish investors by pushing further into key resistance levels. The big question now is whether this trend will persist as the month comes to a close.
Bitcoin has already crossed below several moving averages, causing short-term holders to incur losses as the price falls below their average purchase price. This has led to a temporary setback in demand, with a focus on large-scale investors as prices hit their lowest point in over a month. The upcoming week is expected to be volatile, with the release of important economic data such as United States unemployment figures, revised GDP data for the second quarter, and the Federal Reserve’s preferred inflation indicator.
The cryptocurrency is facing a challenging month, with a 7% decline in June so far. Traders are closely monitoring the market as Bitcoin hits new six-week lows, reaching $62,128 on Bitstamp. Popular analysts predict further downside for Bitcoin, with potential losses of up to 20% for altcoins as well.
As Bitcoin struggles to find support, the focus shifts to key technical levels within its trading range. Market sentiment is at a low point, with the Crypto Fear and Greed Index nearing its lowest levels of the year. Despite the negative outlook, some traders believe that a rebound could be on the horizon as whales show signs of increasing their holdings at current price levels.
Overall, the cryptocurrency market is in for a turbulent week as investors navigate through a mix of economic data releases and market volatility. Traders are advised to conduct their own research and exercise caution when making investment decisions.