Rob Ginsberg, charting analyst at Wolfe Research, said: "Things are not looking good across the cryptocurrency space at the moment, Bitcoin is still stuck in a downside channel and the price is gradually falling from its March highs. While a brief breakout would be very positive, we still respect the megatrend. Bitcoin could return to the bottom of the range, the $50,000 low area, in the coming weeks. Bitcoin's trend has been deteriorating since its peak in March, with a series of lows and lows, and unless this trend changes, whether it's a breakout or a more gradual reversal, we will continue to be bearish on Bitcoin's price in the short to medium term."