The cryptocurrency market has struggled to make major movements on the upside, as major digital currencies such as bitcoin and Ethereum have stabilized at $7,580 and $584 respectively. The valuation of the cryptocurrency market has slightly increased from $330 billion to $333 billion, by around 1 percent.

Bitcoin's Struggle

Exactly one week ago, on May 25, the price of bitcoin was $7,530. Today, as of June 1, the price of bitcoin is $7,580. Over the past seven days, BTC remained in the $7,300 to $7,500 range, struggling to record any major or minor movement on both the downside and upside.

Based on the short-term price trend of BTC over the past week, it remains unlikely that BTC returns to previous support levels at $10,000 and $12,000, given that the 5-month and 10-month MA bear cross have been confirmed for the first time since 2014. More to that, BTC failed to swiftly rebound to the $8,000 mark over the past few days, eliminating the possibility of a potential corrective rally to $10,000 in the short-term.

If BTC can surpass the $8,500 mark in the next few days with a strong spike in volume, it is possible that BTC breaks its descending trendline since May 5, eyeing a mid-term recovery and a bounce back to the $10,000 region. However, without a strong recovery, it remains unlikely for bitcoin to initiate a bull run in the short-term.

Ari Paul, a prominent cryptocurrency investor and researcher, who co-founded the digital asset investment firm BlockTower, said:

"I've had chats with some very savvy fund managers in the last few days, all of whom said, 'I don't see where the new money comes from any time soon,'" emphasizing that most investors agree in a medium to long-term adoption curve of bitcoin and other cryptocurrencies.