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The June close exceeded 2017 highs as the Coinbase premium flipped positive

Bitcoin (BTC) closed June 2022 below $20,000 after escaping last-minute pump bulls with a 40% monthly loss.

BTC/USD 1-Hour Candle Chart (Bitstamp). Source: TradingView

Analyst: Bitcoin Could Be “Boring” For Months

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD higher for the month close, coming in at $19,924 on Bitstamp.

With that, the pair narrowly avoided its first monthly close below all-time highs of the previous half-cycle. On Bitstamp in November 2017, Bitcoin reached around $19,770.

Success, at best, is a touch-and-go market, but it nevertheless closed in on its worst monthly losses since September 2011, coming in at around 37.3%. It was short-lived, with BTC/USD diving towards $19,000 at the time of writing on July 1.

“The cycle is steadily carving out a bottom here,” Philip Swift, indicator creator and analyst at DiscentTrader Trading Suite, said. Summary In the Twitter comments section after the close.

Bitcoin’s weakness came as United States equities saw disappointing 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, the S&P 500 is down 25-26% for the first half of 2022, and the Nasdaq is down 34-35%, while Bitcoin is down 64-65%,” Big Short investor Michael J. Berry responded:

“That was a lot of contraction. Further, earnings contraction. So, maybe halfway there.

Burry had previously forecast that US monetary policy, currently set on raising interest rates to fight inflation, would be forced to change course before the end of the year.

“Bottoming/cumulation signals everywhere, major funds/lenders going bust, worst quarter ever, nocoiner haters dunking on us, a whole timeline that says this time is different,” William Clemente, lead insight analyst at Blockware, said. Said Twitter Followers:

“If we’re looking for an accumulation zone, we could see months of doldrums and capitulation.”

BTC/USD Monthly Returns Chart. Source: Coinglass

Coinbase Pro buyers step up, metric suggests

Among institutional investors, however, there is fresh evidence that BTC is “buying” at $20,000.

RELATED: ‘Can’t Stop, Can’t Stop’ – Bitcoin Hodlers Buy Dip in $20K BTC

As noted by on-chain analytics platform CryptoQuant, the so-called “Coinbase Premium” returned to positive territory on June 30 for the first time in two months.

The premium is the difference between the BTC price on major exchange Binance and Coinbase Pro, the corporate arm of US exchange Coinbase.

When positive, it means investors are paying more on Coinbase Pro, which indicates increased demand. As of June 30, the premium was 0.217.

Coinbase Premium vs BTC/USD Chart. Source: CryptoQuant

“This rise does not indicate a bull run but certainly, it tells us that there are institutional buyers at this price range,” said Ki-Young Ju, CEO of CryptoQuant. Commented On the data.

The views and opinions expressed herein do not reflect the views of the authors and Cointelegraph.com. As every investment and trading move involves risk, you should conduct your own research when making a decision.