Bitcoin price: June close barely beats 2017 high as Coinbase Premium flips positive


Bitcoin (BTC) finished in June 2022 at just under $20,000 after a last-minute pump saw bulls flee 40% of their monthly losses.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Analyst: Bitcoin Could Stay ‘boring’ for Months
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair rose at the monthly close, which came in at $19,924 on Bitstamp.

However, the pair narrowly avoided closing its first-ever month below the all-time high of the previous halving cycle. On Bitstamp in November 2017, Bitcoin reached nearly $19,770.

The success was, at best, a ‘quick touch’ for a market that nonetheless compensated for its worst monthly losses since September 2011, with those losses coming in at around 37.3%. It was also short-lived, with BTC/USD dropping towards $19,000 at the time of writing on July 1.

“Sculpting the bottom of the cycle steadily here,” Philip Swift, indicator maker and analyst at the trading suite DecenTrader, said in a Twitter post after the close.

Bitcoin’s weakness came as US stocks saw their own negative results. Commentators note that the second quarter of 2022 was the worst since 1970 for the S&P 500, while the Nasdaq saw the weakest H1 since 1998.

“Adjusted for inflation, 2022 first-half S&P 500 is down 25-26%, Nasdaq is down 34-35%, and bitcoin is down 64-65%,” said Michael J. Perry, a major short-term investor.

“That was multiple pressure. After that, earnings pressure. So, maybe there’s halfway there.”
Perry had previously predicted that US monetary policy, currently pinned to raising interest rates to fight inflation, would have to change course before the end of the year.

“Earning/accumulating signals everywhere, major funds/lenders collapsing, worst quarter ever, Nocoiner haters drowning in us, full timeline says this time is different,” William Clemente, Lead Insights Analyst at Blockware, told Twitter followers.

“If we find an area of ​​accumulation, we will likely experience months of boredom and surrender through time.”

BTC/USD monthly returns chart. Source: Coinglass
Metric suggests Coinbase Pro buyers come forward
Among institutional investors, there was new evidence that Bitcoin was a “buy” of $20,000.

Related: ‘Can’t Stop, Won’t Stop’ – Bitcoin Scammers Buy Drops at 20,000 BTC

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

Premium is the difference between the price of BTC on the main exchange Binance and the institutional arm of Coinbase in the US, Coinbase Pro.

When it is positive, it means that investors are paying more for Coinbase Pro, which indicates increased demand. The premium was 0.217 as of June 30.



Please enter your comment!
Please enter your name here