Is Bitcoin Headed for Further Price Declines?

• Bitcoin ETF’s daily net inflow marks at $31 million.
• The trading volume is down by 30.70% to $25B.

In the past month, Bitcoin’s price momentum has been fluctuating between $71K and $59K. It is not potentially on the uptrend but has experienced a slight increase of 0.18% within the last 24 hours. BTC’s price was struggling to break the $65K level for a long time. At press time, it trades at $61,395, with its trading volume down by 30.70%.

Meanwhile, the Bitcoin ETF chart of SoSoValue shows that Fidelity’s FBTC led, with inflows of $49 million, followed by Bitwise’s BITB, which reported $15 million. VanEeck’s HODL also experienced net inflows of $4 million.

Notably, last week, Bitcoin experienced massive outflows by US-based exchange-traded funds and other bearish factors such as macroeconomic uncertainty and a recent sell initiated by the German government .

Recently, the economist Peter Schiff was concerned about bitcoin’s decline, declaring the cryptocurrency “back in official bear market territory.” He predicts further bitcoin price declines before Mt. Gox creditors begin receiving their crypto payouts next month.

Will the Bulls Defeat the Bears?

Over the past week, BTC’s price was down by 5.72%. It has shown a steady decline between the $65,000 and $58,000 levels. Moreover, the daily RSI (relative strength index) stands at 32.97, pointing to the BTC momentum within the oversold range.

If a price recovery hits, the price could face initial resistance near the $61,654 level. The next major resistance could be at $61,990. Further gains will take the price to a key resistance level of $62,365.

Conversely, if Bitcoin falls back, it may continue to drop. The immediate support is near the $60,940 level. The second major support may likely be found at $60,214. Any more losses may send the price down to the $59K support zone.