Global #decline

A prominent cryptocurrency trader has sparked renewed interest in Bitcoin, warning of a potential decline in the US dollar's value. This endorsement by a well-respected figure adds fuel to the ongoing debate about the future of digital currencies.

The cryptocurrency market experienced a downturn on June 7, with Bitcoin (BTC) dropping to $69,335 and Ethereum (ETH) to $3,684. This decline followed the release of better-than-expected United States employment data, contrary to predictions by analysts who anticipated weaker figures that would prompt a push for lower inflation and potentially drive Bitcoin to new highs.

The past week has seen a decline in the demand for Dogecoin (DOGE), as indicated by on-chain data. This drop in activity within DOGE's network has led to its price stabilizing within a narrow range, forming what's known as a horizontal channel.

The price of Bitcoin continued its decline, dipping below the $62,500 threshold. BTC exhibits signs of a bearish trend and could potentially shift to a bear market if it stabilizes below $60,000.

Recent on-chain data indicates that the trend of Bitcoin exchange inflow has reached its lowest point in almost a decade, a potentially bullish sign for the asset.

The price of Bitcoin has difficulty staying over the $65,000 range. Bitcoin is declining again, and further losses could go below $62,000.