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Bitcoin Ends One of its Worst Months in History as Investors Question Where it Will Go Next
Summary: Bitcoin (BTC) concluded June down 38%, making last month its single worst in the Crypto’s history. Multiple exchanges, crypto lenders, and investment firms have had significant trouble, including Celsius, BlockFi, and Three Arrows Capital. At the same time, large industry players like Coinbase announced job cuts and saw their stock fall by over 40%. In ...
Bitcoin (BTC) concluded June down 38%, making last month its single worst in the Crypto’s history. Multiple exchanges, crypto lenders, and investment firms have had significant trouble, including Celsius, BlockFi, and Three Arrows Capital. At the same time, large industry players like Coinbase announced job cuts and saw their stock fall by over 40%.
In any case, some players remain optimistic. Matt Hougan, CIO of Bitwise, said, “There is still an aspect in crypto that we are waiting to see if another shoe will drop, if another entity will fail, if the credit cascade continues, I think we have to get through the Fourth of July weekend and get through that quiet period in the market before we build in the second half of the year.”
On the other hand, some players are less optimistic. Bank of America recently published data saying the number of active crypto users is down over 50% since its peak of 1 million in November.
Bitcoin has seen massive price swings, but this is the most violent to date. In 2018 Bitcoin fell by over 80%, only to rebound to highs never before seen. Being down 35% in a month is a first for the cryptocurrency, though, according to the Bitpush terminal.
On the technical side, $17.5K is considered a key resistance if the price slips to near those levels. If BTC breaks those levels, a more substantial drop to the $15K range or lower could be anticipated.
On the other hand, a fake breakout and quick reversal could be possible, signaling a pattern that could start a rally in the short term. Even in this case, $24K and $30K show static resistance levels, and the 50-day moving average, currently around $26K, would be difficult obstacles. The likelihood of a bullish reversal is low before the price rebounds north of the $30K level according to crypto potato.
Author: Garrett Meifert
Tags: Analysis,Bitcoin,Bitcoin (BTC)
Link: Bitcoin Ends One of its Worst Months in History as Investors Question Where it Will Go Next [Copy]
