Cryptocurrency market still stuck in a rut. Bitcoin value [BTC] The price of bitcoin has declined. Bitcoin has dropped sharply in the last few days. It reached a low at $54,000, and a maximum of $63,310. As of the writing of this post, the King Coin was down by 3.57% and now stands at $55,687.88. In the past month, this asset has lost 20 percent of its value. Bitcoin’s interest dropped as the market awaited a return to normalcy.
LunarCrush notes in its data that social engagement with Bitcoin is at a year-low. The social sentiment of the asset, as well as its dominance in the social sphere, fell 8.3% and 44.5% respectively over the last year. Bitcoin is currently at a low price, however the asset’s annual growth has been strong. It is currently up by around 85%.
Bitcoin ETFs performed well despite a drop in social media activity. Significantly, there was a drop in social activity. increase In the number and type of interactions they have with Bitcoin ETF.
Also Read: Bitcoin Could Replace The US Dollar In 15 Years, Jack Dorsey Predicts
Bitcoin Can It Recover Next Week?
Changelly predicts that BTC will experience a shift in its trend during this week. The king coin is expected to see an increase in value, even though this week began on a bitternote. BTC’s price is expected to reach a new high of $67,000 after an increase of 19% from the current level.
A number of analysts also think that July could be a positive month for the biggest asset on the planet. BTC prices have risen in the month of August over the last two years. Coinbase’s analysts recently wrote a blog post. report,
“Positive seasonality could be relevant in July, as both Bitcoin and ether historically seem to do better during this month than others, particularly after sell-offs in June like the one we just witnessed (BTC was down 8.6% and ETH down 8.7% MTD). Indeed, the current market setup looks supportive, as a lot of excess length has been cleaned out following the Mt. Gox announcement.”
Also Read: Mt.Gox Begins Repayments, Will Bitcoin Sink To $50K?
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Source: watcher.guru