Bitcoin has been in a downtrend since the beginning of June, struggling to gain upward momentum despite positive ETF inflows.
The Bitcoin price fell below the $60,000 psychological mark on July 3, threatening to prolong the current price consolidation as Mt. Gox potentially starts releasing $9 billion worth of BTC.
Bitcoin (BTC) fell 4.2% in the 24 hours leading up to 10:33 am UTC on July 3 to a local bottom of $59,600. The world’s first cryptocurrency is down 1.8% on the weekly chart, according to CoinMarketCap.
Bitcoin’s price has been in a downtrend since June, logging a nearly 18% decline during the second quarter of 2024.