The crypto market has not recovered from its rut. Bitcoin value [BTC] Has been decreasing. Bitcoin has dropped sharply in the last few days. It reached a low at $54,000, and a maximum of $63,310. The king coin had fallen 3.57% at the time this article was written to $55,687.88. Asset lost 20% in value over the past one month. Bitcoin interest was declining while the market anticipated a recovery.
LunarCrush’s data shows that the social engagement surrounding Bitcoin has reached a new 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 have continued to do well, despite the dip in social activities. The social activity dropped by a considerable amount. increase The number of comments and interaction with Bitcoin ETF users has increased.
Also Read: Bitcoin Could Replace The US Dollar In 15 Years, Jack Dorsey Predicts
Bitcoin: Can it Recover This 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 downbeat note. 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’s price has increased in July for the past two years. In a recent article, Coinbase analysts stated that BTC has been rising in July for the past two years. 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
