Bitcoin Price Has Been Dropping Since Early June, Currently Around $60,845

Trend models, technical indicators and price patterns all suggest a potential steeper decline for Bitcoin.

Bitcoin price today: BTC trades around $60,845, with technical indicators, price patterns and trend models suggesting a potential steeper decline for Bitcoin.

Bitcoin price has been on a downhill trajectory since early June, with the digital asset currently trading at around $60,845. This price movement has sparked concerns among traders, with some speculating that Bitcoin could drop to $55,000.

As BTC price continues to fluctuate, several factors are being highlighted by experts to explain the potential for a steeper decline.

Bitcoin price peaked at around $71,000 on June 5. However, the price has since weakened, oscillating between $60,000 and $61,800 this week.

A look at the 30-day change shows a -10.1% decline, while the 7-day change is at -5.4% and the 24-hour change is at -1.0%.

Key factors driving Bitcoin’s declineAccording to trend models, Bitcoin entered a downtrend on June 20. This shift in trend could indicate that trend-following funds might increase their short positions.

Furthermore, technical indicators such as the weekly and monthly reversal indicators are signaling a potential correction.

For instance, the weekly Relative Strength Index (RSI) has been declining since peaking in early March.

Moreover, the monthly Stochastic indicators appear to be forming a double-top, which could signal a steeper decline.

This price pattern was last observed in early 2018 and mid-2021, ahead of significant multi-month drops in Bitcoin price.

Another technical indicator is the double-top price pattern, which is emerging on the weekly chart as Bitcoin repeatedly fails to breach higher resistance levels.

This price pattern is typically followed by a steeper decline. Notably, crypto trader Jelle has highlighted similarities with the 2016 halving cycle, suggesting that further downside pressure on Bitcoin price could be expected.

Given the halving event on April 20, there has been speculation regarding Bitcoin price.