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The BTC chart is depicting consistent downswings and dips which has now dipped below $58,000 for the first time in 60 days. This has added to the slowing market demand since the recent halving. The Long-term investors’ bearish activity has been the major reason for the price drop. Also, with BTC now trading at its lowest in 60 days, bull traders consider it as perfect timing to enter new positions, which might get invalidated as well. Bitcoin’s Age Consumed has been steadily rising since April 20, signaling long-term holders offload their coins after the halving. The wider crypto market, with ether and other altcoins, is also seen declining.

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