Bitcoin

<ul>
 <li>Bitcoin price declined 6% in the past 7 days, trading at $65,516.</li>
 <li>RSI and EMA of BTC are signaling selling pressure.</li>
</ul>
Bitcoin (BTC), the largest cryptocurrency by market cap, has observed a decline in its active address count, as per the data from Glassnode. Usually, a decline in the active addresses is found during a surge in the Bitcoin transaction fees.&nbsp;
Moreover, the network activity of Bitcoin has reached its lowest in five years, dropping significantly. The entire market sentiment has been wary as Bitcoin’s price fluctuates between $69K-$65K. The regulatory issues and the shift in investor focus might be contributing to the reduced activity. Additionally, economic conditions and <a href="https://thenewscrypto.com/u-s-spot-bitcoin-etf-faces-200m-outflow-amid-market-instability/" target="_blank" rel="noopener noreferrer nofollow">market</a> sentiment had a major influence.
Bitcoin price wiped nearly 5% of its value in the past week. It is trading at $65,516 at the time of writing with a decline above 1.48%. However, the trading volume is up by 55.35% at $19.81 billion. Over the past week, it was down by 5.56%. On June 7, the BTC price hit above $71K.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeNCZX-T_2R7fJ8Gdde894N1417PxmfrkjfYTfsGd2pv71T48TKWJpySCX0q-PBM3A6z6vZlRUV10h4RbDUqWK9od6X9f9ZKzIK3H0eORxWEZUGQQHTYVXJXga-6oLRIonZcuKhqX_60SuelKI77pVUXEA?key=ZQr5ZomRIX_rDPm7yKK2Ig" alt="">
 <figcaption class="wp-element-caption">BTC price chart (Source: <a href="https://in.tradingview.com/chart/AHwivr5C/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noopener noreferrer nofollow">TradindView</a>)
 </figcaption>
 </figure>
</div>
<h3 class="wp-block-heading" id="h-will-the-btc-bulls-recover-shortly">Will The BTC Bulls Recover Shortly?</h3>
Despite crossing the resistance, the price dropped down to the level of $65K. And, Bitcoin’s daily Relative Strength Index (RSI) stands at 41.54, heading toward the neutral zone. Moreover, the EMA signals the selling pressure.
After analyzing the price momentum of <a href="https://thenewscrypto.com/how-are-bitcoin-whales-strategizing-amidst-btc-consolidation/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>, If the bulls aid the price to remain above $67K and continue to increase, the initial resistance could be at the $68,320 level, if the bullish trend persists, the next key resistance is to be found at $69,856. A further surge will take the price towards the $71,000 range.&nbsp;
In contrast, if the bulls fail to lead and the bears take up the price, it may dip to the $64,125 support zone. If It continues to <a href="https://thenewscrypto.com/bitcoin-dips-below-70k-amid-market-selloff/" target="_blank" rel="noopener noreferrer nofollow">dip</a>, the immediate key support will be in between the $63K-62K range. The further drop might take the price toward the $61,067 level.&nbsp;
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Bitcoin Down 6% Amid Active Addresses Hitting Five-Year Low

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