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

Bitcoin (BTC), June 2022, was just below $20,000, after bulls escaped 40% monthly losses due to a last-minute pump.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
nalyst – Bitcoin could remain “boring” for many months

Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD spiked higher in the monthly close. This was $19,924 according to Bitstamp.

The pair managed to avoid its first ever monthly close below the all-time record of the previous halving cycle. Bitstamp’s November 2017 Bitcoin close was $19,770.

Just in time #BTC pic.twitter.com/KxZiOF0kF8
— Material Indicators (@MI_Algos) June 30, 2022

This was a touch-and-go success for a market that still suffered its largest monthly losses since September 2011. These were at 37.3%. The success was short-lived, as BTC/USD plunged to $19,000 by July 1st.

“Steadily carving a cycle bottom there,” Philip Swift (indicator creator and analyst at trading software Decentrader), summarized in part the comments on Twitter after the close.

As the United States saw dismal results, Bitcoin’s weakness was mirrored in its own. Commentators noted that Q2 2022 was the worst since 1970 for S&P 500 while Nasdaq had its weakest H1 since 1998.

“Adjusted to inflation, 2022’s first half S&P 500 fell 25-26% and Nasdaq fell 34-35%, Bitcoin down 64-665%,” Big Short investor Michael J. Burry said.

“This was multiple compression. Next, earnings compression. This is at least halfway.

Burry previously predicted that the U.S. would have to alter its monetary policy before the end, which is currently focused on raising interest rates to combat inflation.

“Bottoming/accumulation signals everywhere, Major funds/lenders going bust, Worst quarter ever, Nocoiner haters dunking on us, Whole timeline saying this time is different,” William Clemente, lead insights analyst at Blockware, told Twitter followers.

“If we find an accumulation zone, it is likely that will still see months and months of boring & capitulation through the time.”

BTC/USD Monthly Returns Chart. Source: Coinglass

Coinbase Pro buyers take charge, metric suggests

However, institutional investors were able to see new evidence that BTC was worth $20,000.

Related: “Can’t Stop, Won’t Stop” — Bitcoin hodlers purchase the dip for $20K BTC

CryptoQuant noted that the “Coinbase Premium”, or on-chain analytics platform, returned to positive territory on June 30, as CryptoQuant pointed out.

The premium is the difference in the BTC price at major exchange Binance and the U.S. exchange Coinbase Pro.

If the premium is positive, this means that Coinbase Pro users are paying more. This suggests a higher demand. As of June 30, the Premium was at 0.222.

Coinbase Premium vs. BTC/USD chart. Source: CryptoQuant

“This uptick doesn’t indicate a bull market but obviously it tells us that there are institutional buyers within this price range,” CryptoQuant CEO Ki Young Ju commented on the data.

com. You should do your research before making any investment or trading decision.

https://cointelegraph.com/news/bitcoin-june-close-barely-beats-2017-high-as-coinbase-premium-flips-positive