Bitcoin (BTC) finished June 2022 just below $20,000 after a last-minute pump saw bulls escape 40% monthly losses. The worst month and quarter since 2011 for Bitcoin come as Michael J. Burry warns U.S. stocks are only halfway done with their declines.
According to Cointelegraph Markets Pro and TradingView showed BTC/USD frustrating higher into the monthly close, which came in at $19,924 on Bitstamp.
With that, the pair barely avoided its first-ever monthly close below an earlier halving cycle’s all-time high. Bitstamp in November 2017 showed Bitcoin reached approximately $19,770.
The success was at best touch-and-go for a market that nonetheless sealed its worst monthly losses since September 2011, these coming in at around 37.33%. It was also brief, with BTC/USD diving toward $19,000 at the time of writing on July 1.
“Steadily carving out a cycle bottom here,” Philip Swift, indicator creator, and analyst at trading suite Decentrader brief in part of Twitter comment after the close.
Bitcoin’s weakness came as United States equities saw miserable results of their own. Q2 2022, critics noted, was the worst since 1970 for the S&P 500, while the Nasdaq saw its weakest H1 since 1998.
“Adjusted for inflation, 2022 first half S&P 500 down 25-26%, and Nasdaq down 34-35%, Bitcoin down 64-65%,” Big Short investor Michael J. Burry stated
“That was multiple compression. Next up, is earnings compression. So, maybe halfway there.”
Burry had formerly predicted that U.S. monetary policy, currently fixed on driving up interest rates to fight inflation, would be forced to change course before the end of the year.
“Bottoming/accumulation signals everywhere, Major funds/lenders going bust, Worst quarter ever, Nocoiner haters dunking on us, Whole timeline saying this time is different,” William Clemente, lead insights analyst at Blockware, said to the Twitter followers.
“If we are finding an accumulation zone, will likely still see months of boring & capitulation through time.”
As distinguished by the on-chain analytics platform CryptoQuant, the so-called “Coinbase Premium” returned to positive terrain for the first time in two months on June 30.
The Premium is the variance between the BTC price on major exchange Binance and U.S. exchange Coinbase’s institutional arm, Coinbase Pro.
When positive, it means that investors are paying more on Coinbase Pro, which suggests heightened demand. The Premium stood at 0.217 as of June 30.
CryptoQuant’s CEO, Ki-Young Ju, remarked on the data, “this uptick does not indicate a bull run but obviously, it tells us there are institutional buyers in this price range.”
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