CoinDesk Report:
The cryptocurrency market remains stagnant, with the value of Bitcoin continuously declining. Bitcoin has experienced a significant drop in the past few days, reaching a low of $54,000 and a high of $63,310. At the time of writing, the King Coin has fallen by 3.57% to $55,687.88. This asset has depreciated by 20% over the past month. Although the market expects a recovery, interest in Bitcoin is declining.
According to LunarCrush data, social engagement with Bitcoin has hit an annual low. Compared to the previous year, the asset’s social sentiment and social dominance have dropped by 8.3% and 45.5% respectively. Despite the recent price decline, the asset has shown strong annual growth, rising by approximately 85%.
Despite the decrease in social activity, Bitcoin ETFs continue to perform well. The number of posts and interactions related to Bitcoin ETFs has significantly increased.
Also read: Jack Dorsey Predicts Bitcoin May Replace the US Dollar Within 15 Years
Will Bitcoin witness a recovery this week?
According to Changelly, BTC is expected to see a trend reversal this week. Despite a poor start to the week, the King Coin is predicted to rise in the coming days. After a 19% increase from current levels, BTC is projected to surge to a high of $67,600.
Source
Several analysts in the market also believe that July could be optimistic for Bitcoin, being the world’s largest asset. In the past few years, BTC has experienced an upward trend in July. Coinbase analysts wrote in a recent report,
“The seasonality could be related to July, as historically both Bitcoin and Ether have seemed to perform better in this month, especially after the sell-offs in June, as we just saw (Bitcoin down 8.6%, Ethereum down 8.7% MTD).”
Also read: Mt. Gox Begins Repayments, Will Bitcoin Drop to $50,000?