The cryptocurrency market is still in a rut. The value of Bitcoin [BTC] has been declining. Bitcoin fell sharply during the past several days, hitting a low of $54,000 and a high of $63,310. At the time of writing, the king coin was down 3.57% to $55,687.88. The asset lost 20% of its value in the last month. While the market expected recovery, the interest in Bitcoin was dropping.
LunarCrush data notes that social engagement around Bitcoin fell to a yearly low. Over the previous year, the asset’s social sentiment and social dominance fell by 8.3% and 45.5%, respectively. Although the price of Bitcoin has recently dropped, the asset has seen strong annual growth. The asset is up around 85%.
Bitcoin ETFs continued to perform well even though there was a dip in social activity. There was a significant increase in the number of posts and interactions with them regarding Bitcoin ETF.
Also Read: Bitcoin Could Replace The US Dollar In 15 Years, Jack Dorsey Predicts
Can Bitcoin Witness Recovery This Week?
According to Changelly, BTC is expected to witness a change in trend this week. Even though the week started off on a bitter note, the king coin will note an uptick in the coming days. BTC is slated to surge to a high of $67,600 following a 19% rise from its current levels.
Several analysts in the market also believe that the world’s largest asset could have a bullish July. Over the last couple of years, BTC has risen during the month of July. Coinbase analysts wrote in a recent report,
“Positive seasonality could be relevant in July, as both Bitcoin and ether historically seem to do better during this month than others, particularly after sell-offs in June like the one we just witnessed (BTC was down 8.6% and ETH down 8.7% MTD). Indeed, the current market setup looks supportive, as a lot of excess length has been cleaned out following the Mt. Gox announcement.”
Also Read: Mt.Gox Begins Repayments, Will Bitcoin Sink To $50K?