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


Bitcoin sets new record trends with the bear market. This comes on the heels of a bull market that also deviated significantly from its predecessors, so it is no surprise that the subsequent near market reverses this behavior. Several new trends in bitcoin’s movement have cemented a bearish picture of the digital asset, and the latest in a string of records has only done more to bolster that sentiment.

Worst quarterly closing in over a decade

Bitcoin has been around for about 13 years, and in that time, the teen market has barely recorded its fair share of bad quarterly closes. However, in the past eleven years, none have been as severe as the lockdown recorded on June 30. After a month of incredibly volatile prices, the quarter ended with three consecutive monthly closes in red.

Related reading | Bitcoin goes into hibernation as network activity stops

This comes on the heels of the market crash that rocked the market this year. The market-leading Bitcoin dropped about 60% of its price at the start of the quarter and took the entire market down with it. This brought the total crypto market crash below $1 trillion for the first time in a 16-month period.

The digital asset closed the month at $19,918 after entering the month with an average price of $30,000. This dashed investors’ hopes and left in its wake a number of events that continue to threaten prices in the cryptocurrency market.

Bitcoin price chart from TradingView.com

BTC struggles to hold $19,000 | Source: BTCUSD on TradingView.com

Bitcoin investors don’t like it

Although the forecast was incredibly optimistic for 2022, it has gone sideways since then. This has prompted investors to take their money out of the market for fear of incurring further losses. Also, following historical trends, it is still very likely that the digital asset will collapse further before there is any significant recovery.

Related reading | The drop in Ethereum futures on the CME indicates that institutional investors are still bearish

Looking at the indicators, it appears that Bitcoin has struggled to hold the important technical levels needed for a short-term recovery. It traded below the 200-week moving average for the first time in history, and this deepened the 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 will follow some of the previous market moves. One of those things is when the bottom is usually. Adhering to this means that the price of Bitcoin is likely to reach as low as $12,000 before resuming the next uptrend.

Featured image from Coin News, chart from TradingView.com

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