Bitcoin Remains Weak As BTC Highs Keep getting Lower

Bitcoin has been showing weakness since topping at record highs, and every time buyers push the price above 70K, they have difficulties keeping BTC there. Recently, BTC has been showing difficulties holding gains above 60K as well, as highs keep getting lower, which is another bearish signal, however, BTC sellers haven’t excelled either, failing to keep the price below 50K early last week.

Bitcoin’s Rollercoaster Price Action Start to the Month

The cryptocurrency market experienced a severe crisis at the beginning of the month, with Bitcoin plunging by approximately $20,000—or 20%—to briefly dip below $50,000 as risk sentiment soured. This sharp decline sent shockwaves through the industry, leading to nearly $1 billion in liquidations. However, the situation soon stabilized, with BTC rebounding above $60,000. Despite this recovery, buyers struggled to maintain momentum above the $60,000 mark, causing the price to slip back below this key level.

Bitcoin Chart Daily – The 50 SMA Held As Support

Market Sentiment and Geopolitical Concerns Weigh on Bitcoin

Yesterday morning, Bitcoin’s price continued to show signs of weakness, reflecting its lackluster performance amidst muted risk sentiment and ongoing geopolitical tensions. Cryptocurrency investors were further disheartened when a conversation on X (formerly Twitter) between Tesla CEO Elon Musk and Republican presidential candidate Donald Trump failed to mention cryptocurrency regulations. Although Trump has expressed support for the cryptocurrency sector, including a recent appearance at a Bitcoin conference, he has rarely addressed the topic in more mainstream settings. Following this interview, Bitcoin’s price briefly dipped below $58,000 before recovering towards $60,000 during the U.S. session as risk sentiment improved.

Concerns Over Bitcoin’s Future Amid Pessimistic Market Sentiment

As Bitcoin struggles to maintain its position above $60,000, investor sentiment is turning increasingly bearish. Many fear that a higher-than-expected U.S. July CPI report could trigger a short-term decline in Bitcoin’s price, potentially undermining hopes for Federal Reserve rate cuts in the coming months. Additionally, large Bitcoin holders, or “whales,” appear to be growing pessimistic. Over the past week, some of the largest Bitcoin whales have sold more than 10,000 Bitcoins, valued at around $600 million at current prices. This significant sell-off could foreshadow further declines, as similar moves in the past have led to substantial drops in Bitcoin’s value. With the overall market sentiment still negative, this consolidation phase seems far from over, and the ongoing whale sell-offs are only adding to the downward pressure.

Bitcoin Live Chart