The June Bitcoin price close barely beats the 2017 high, as Coinbase premium turns positive
The worst month and quarter for Bitcoin since 2011 come as Michael J. Burry cautions that US markets are only halfway down.
Bitcoin (BTC) ended June 2022 slightly under $20,000 as a last-minute pump saved bulls from a 40% monthly loss.
One analyst says Bitcoin could remain "boring" for months,
BTC/USD spiked further towards the monthly close, which came in at R326.8K on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.
As a result, the pair narrowly escaped its first-ever monthly closing below the all-time high of a previous halving cycle. In November 2017, Bitcoin reached roughly R19.7K on Bitstamp. The success was at best shaky for a market that still suffered its worst monthly losses since September 2011, at around 37.3 %. It was similarly short-lived, with BTC/USD plunging toward R31.1K as of July 1st.
"Steadily carving out a cycle bottom here," Philip Swift, indicator developer and analyst at trading suite Decentrader, said after the close on Twitter.
Bitcoin's demise coincided with the poor performance of US equities. Commentators remarked that the S&P 500's Q2 2022 was the worst since 1970, while the Nasdaq's H1 was the worst since 1998.
"That was compression on multiple levels." Earnings compression comes next. So, perhaps halfway there."
Burry previously predicted that the United States' monetary policy, which is presently focused on raising interest rates to combat inflation, would be compelled to reverse direction before the end of the year.
"Bottoming/accumulation signals everywhere, major funds/lenders going bust, worst quarter ever, Nocoiner haters dunking on us, Whole timeline saying this time is different," lead insights analyst, William Clemente, informed Twitter followers.
"If we find an accumulation zone, we will most likely see months of boredom and capitulation over time."
Buyers of Coinbase Pro are increasing, according to a metric.
However, there was new evidence among institutional investors that BTC was a "buy" at R328K.
On June 30, the so-called "Coinbase Premium" returned to positive territory for the first time in two months, according to the on-chain analytics platform CryptoQuant.
The Premium is the differential between the BTC pricing on major exchange Binance and the institutional arm of US exchange Coinbase, Coinbase Pro.
When it is positive, it indicates that investors are paying more for Coinbase Pro, indicating increased demand. As of June 30, the Premium was 0.217.
"This uptick does not indicate a bull run, but obviously, it tells us there are institutional buyers in this price range," CEO, Ki Young Ju, said of the data.
