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New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000
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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