Bitcoin has set a new record trend in the bear market. This follows a bull market that has deviated significantly from its predecessor, so it is not surprising that subsequent near markets reflect this behavior. Various new trends in Bitcoin’s move have cemented the bearish situation in digital assets, and the latest records are doing much more to solidify this sentiment.
Deteriorated quarterly over 10 years
Bitcoin has been around for about 13 years, during which time the teen market has barely recorded a significant share of its bad quarterly financial results. But in the last 11 years, nothing has been as cruel as the closing price recorded on June 30th. After an incredibly volatile price month, the month ended the quarter with three consecutive red monthly accounts.
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This heats up following a market crash that rocked the market this year. Market-leading Bitcoin fell about 60% from its early quarterly price, causing the market as a whole to fall. As a result, the total market plunge in cryptocurrencies fell below $ 1 trillion for the first time in 16 months.
Digital assets ended the month at $ 19,918 after entering the month with an average price of $ 30,000. This shattered investor expectations, and its decline has caused many events that continue to threaten crypto market prices.
BTC struggles to hold $19,000 | Source: BTCUSD on TradingView.com
Bitcoin investors are not impressed
The 2022 forecast was incredibly bullish, but has been flat since then. This has led investors to move money out of the market for fear of suffering more losses. Also, according to previous past trends, digital assets remain more likely to crash before a significant recovery is seen.
Looking at the indicators, we can see that Bitcoin is struggling to maintain the critical technical level required for a short-term recovery. For the first time in history, trading below the 200-week moving average has deepened the negative sentiment of the market.
Digital assets are moving away from established historical trends, but are still likely to follow some of the previous market movements. One of these is usually when the bottom is in. Sticking to this means that Bitcoin is likely to drop to $ 12,000 before the next bullish trend resumes.
Featured image from Coin News, chart from TradingView.com
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