Bitcoin price drops below $60k

Over the last week, Bitcoin [BTC] has made a recovery returning to the $60k level temporarily. Since hitting local lows a week ago, Bitcoin attempted to maintain an upward momentum, but failed as it fell below $60k again.

Bearish market sentiment remains

According to the analysis, the prevailing market conditions have analysts talking. Popular crypto analyst Ali Martinez suggested that a trend reversal was not complete citing Bitcoin's transaction volume.

Declining trading volume suggests downtrend

Martinez cited the declining trading volume which suggests a trend reversal hasn't occurred. During uptrends, BTC transaction volume tends to increase and decrease during a downtrend. Thus, the current condition sees declining trading volume, indicating the market is still in a downtrend.

Source: https://ambcrypto.com/bitcoin-falls-below-60k-again-another-bearish-week-ahead/

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