Cryptocurrencies began the week on a positive note, but today the situation took a turn for the worse, with the price of Bitcoin dropping below $62,000 once again. With uncertainty prevailing in the market, the future direction of the price remains uncertain. Against this backdrop, leading companies and analysts in the market are offering their perspectives on the outlook for BTC.
Bitcoin’s recovery seems to be encountering some obstacles, as indicated by technical indicators. If you want to stay updated on the latest technology news, be sure to check out NEWSLINKER.
One chart that has caught attention is a recent publication by the renowned investment research firm Game of Trades, released on July 2nd. After about four months, the BTC price has returned to the $62,000 range, causing concern among investors. 
Market indicators have revealed that Bitcoin has undergone two consecutive corrections of 20% since reaching its all-time high (ATH) in March. This is in contrast to the trends observed in 2023 and early 2024.
The decline in Bitcoin’s technical indicators has raised concerns for Game of Trades, and their statements suggest that further declines may be on the horizon. However, there have also been comments suggesting that this could be a bear trap. Amidst all this, the divergence between Bitcoin and the S&P 500 has not gone unnoticed.
Despite the bearish sentiment in the market, data shows that Bitcoin whales have continued to sell in recent months. This is opposite to the behavior observed in 2022.
As of the time of writing, the price of Bitcoin indicates that things are not going well. BTC has retraced to $61,800 from the level of $63,000 it reached yesterday.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
