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Bitcoin Hits Monthly Lows as Selling Pressure Hits Entire Crypto Market, What’s Next for BTC?

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Bitcoin has declined to its lowest point in the past month signaling a bearish trend.

Moreover, this trend is evident in the entire crypto market since the altcoins correlate to Bitcoin’s price.

Notably, this decline is due to several factors, such as macroeconomic events like inflation and selling pressure.

So, BTC has declined within one month, slipping below the $66,000 price level.

BTC’s price at 6:53 a.m. EST on June 19, is $65,221 with a slight decline in the last 24 hours.

Bitcoin’s Recent Decline Creates Concerns Among Investors

 

Bitcoin witnessed a sharp decline after encountering resistance at the $70,000 price level.

Notably, Bitcoin is under pressure from the sellers, and increased market volatility limits its gains.

Although the US Federal Reserve did not increase inflation rates, investor sentiment has taken a bearish turn.

Also, renowned crypto analyst Ali Charts foresees a bearish move ahead for crypto.

Ali

Ali said Bitcoin has dropped below the +0.5 MVRV pricing band at $67,890.

Consequently, this price drop may force BTC to the mean pricing band of $54,930.

What Next for Bitcoin?

Bitcoin

Bitcoin has formed three consecutive red candles on the daily chart, confirming a bearish trend.

The primary crypto asset continues to decline after dropping below the $71,000 price level.

Additionally, most traders now take profits by selling their Bitcoin tokens, leading to a downtrend for BTC.

Also, BTC’s psychological support of $70,000 failed to hold, leading to a freefall in its price and further decline.

Notably, BTC has faced rejection at the $65,874 price level and is rapidly declining to the $64,841 support level.

So, the token is trading closer to the lower band of the Donchian Channels (DC), which confirms further price decline.

Additionally, the RSI indicator is dropping to the oversold zone, with a value of 39.08, confirming selling pressure for BTC.

Therefore, based on bearish sentiments, Bitcoin will likely drop to the $64,841 support in the coming days.

However, if BTC’s $64,841 support level holds, it will enter a recovery phase in the coming months.

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