The crypto market has been showing choppy sideways trading at least since March when Bitcoin reached its recent all-time high in the $73,700 price area. Thus, the recent downturn in prices is a movement that is to be expected.
As highlighted by the trader known as Rekt Capital, BTC is trading within a price channel on the weekly timeframe and could turn the $58,000 price level into resistance if it doesn’t close the week above $58,300.