Cryptocurrencies kicked off the week on an upward trajectory, but today witnessed a reversal as prices dipped back below $62,000. With prevailing market uncertainty, the future direction of prices remains ambiguous. Amidst this backdrop, prominent firms and analysts are weighing in on Bitcoin’s outlook.
**Content Overview:**
**Bitcoin Price Overview**
Bitcoin’s price saw a recovery initially, but technical indicators hint at underlying concerns. For the latest in tech news, check out NEWSLINKER.
In a noteworthy development, a chart released by the renowned investment research firm Game of Trades on July 2nd caught attention. Bitcoin’s price has reverted to the $62,000 range after approximately four months, causing apprehension among investors.
Market signals indicate Bitcoin has undergone two consecutive 20% corrections since its March all-time high (ATH). This stands in contrast to trends observed in 2023 and early 2024.
**Bitcoin-S&P 500 Discrepancy**
The decline in Bitcoin’s technical indicators raised alarms at Game of Trades, with suggestions of potential further downturns. However, there were also opinions positing this as a bear trap. Notably, the divergence between Bitcoin and the S&P 500 did not go unnoticed.
Despite a bearish sentiment prevailing in the market, data reveals that Bitcoin whales have continued selling in recent months, marking a shift from behaviors seen in 2022.
As of the time of writing, Bitcoin’s price indicates ongoing challenges, dropping back 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 risks associated with cryptocurrencies and conduct their own research.