Bitcoin price has maintained a steady decline over the past week following several economic and market events. According to data from CoinMarketCap, the major cryptocurrency is currently hovering around the $60,000 price zone, having shed over 11.17% of its market value in the past seven days. While many crypto enthusiasts may be hoping that Bitcoin will find some stability soon, CryptoQuant analyst Abramchat has predicted the opposite scenario, indicating that the cryptocurrency market leader may experience more losses in the coming days.

Bitcoin Price Far From Recovering?

IN Quick post on CryptoQuant, abramchat stated that amid the recent market decline, Bitcoin has now lost crucial short-term support at $64,580, which is the average price at which investors have been buying Bitcoin over the past six months. This development means that the average investor is likely currently underwater, which could lead to increased selling pressure to cut losses or avoid further losses.

According to abramchat, the recent decline in bitcoin price can be attributed to economic and political news that has negatively impacted several financial markets, most notably the stock market, which has seen significant losses on Thursday and Friday.

The decline in bitcoin prices was also likely influenced by the collapse of cryptocurrency lender Genesis I’m finally starting to repay creditors after filing for bankruptcy in January 2023. On Friday, Genesis transferred $1.5 billion in Ethereum and Bitcoin, aiming to get rid of $4 billion in debt.

Commenting on Bitcoin’s future price trajectory, Abramchart states that the digital asset’s failure to reclaim the $64,580 support level will likely trigger a further decline to around $53,000-$54,000, which is the next significant support zone. However, such low price levels were last seen in early July, following a massive market sell-off by the German government.

In addition, abramchart warned investors to be cautious when buying altcoins at the moment. The analyst believes that the current “negativity” in the market could have a significant detrimental effect on other coins beyond Bitcoin.

BTC Price Overview

At the time of writing, Bitcoin is trading at $60,597 after falling 1.20% over the past day. Interestingly, the major cryptocurrency fell below $60,000 on Saturday for the first time since mid-July.

Currently, Bitcoin’s daily trading volume has also dropped by 24.45%, indicating a low level of interest due to reduced buying and selling activity. However, with a market capitalization of $1.19 trillion, Bitcoin remains the largest digital asset and the 9th largest global financial asset.