New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000
01 Juillet 2022 - 7:00PM
NEWSBTC
Bitcoin has been setting new record trends with the bear market.
This follows a bull market that had also deviated largely from its
predecessors, so it comes as no surprise that the subsequent near
market mirrored this behavior. Various new trends in bitcoin’s
movement have cemented a bearish picture for the digital asset, and
the latest in the line of records has only done more to cement this
sentiment. Worse Quarterly Close In More Than A Decade Bitcoin has
been in existence for about 13 years and in that time, the barely
teenage-aged market has recorded its fair share of bad quarterly
closes. However, in the last 11 years, none have been as brutal as
the close that was recorded on June 30th. After a month of
incredibly volatile prices, the month had closed out the quarter
with three consecutive red monthly closes. Related Reading
| Bitcoin Enters Hibernation Mode As Network Activity Lulls
This comes hot on the heels of the market crash that had rocked the
market this year. Bitcoin which leads the market had fallen about
60% from its price at the beginning of the quarter and had brought
down the entire market with it. This had seen the crypto total
market crash drop below $1 trillion for the first time in a
16-month period. The digital asset had closed the month at $19,918
after entering the month with an average price of $30,000. This had
dashed the hopes of investors and the decline has left in its wake
a number of events that continue to threaten the prices in the
cryptocurrency market. BTC struggles to hold $19,000 |
Source: BTCUSD on TradingView.com Bitcoin Investors Are Not
Impressed Even though predictions had been incredibly bullish for
the year 2022, it has since gone sideways. This has triggered
investors to move their funds out of the market for fear of
incurring more losses. Also, following previous historical trends,
it remains highly possible that the digital asset may crash more
before there is any significant recovery. Related Reading
| Decline In Ethereum Futures On CME Suggests Institutional
Investors Are Still Bearish Looking at the indicators, it shows
that bitcoin has struggled to hold the important technical levels
required for a recovery in the short term. It has been trading
below its 200-week moving average for the first time in history,
and this has deepened negative sentiment in the market. Although
the digital asset has been moving away from established historical
trends, there is still a high chance that it follows some of the
previous market movements. One of these is when the bottom is
usually in. Sticking to this would mean that the price of bitcoin
will likely touch as low as $12,000 before the next bull trend
resumes. Featured image from Coin News, chart from TradingView.com
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