With the bear market, Bitcoin is setting new records. This comes after a bull market which was also quite different from the previous ones. Therefore, it is not surprising that this bear market has mirrored similar behavior. Various new trends in bitcoin’s movement have cemented a bearish picture for the digital asset, and the latest in the line of records has only done more to cement this sentiment.
Worst Quarterly Closed In A Decade
Bitcoin has been around 13 years old and has had its share of terrible quarterly closes. The June 30th close was the most brutal in 11 years. Following a volatile month, the quarter was closed with three red monthly closes.
Bitcoin Enters Hibernation Mode As Network Activity Lulls| Bitcoin Enters Hibernation Mode As Network Activity Lulls
This follows the market crash this year. The market leader, Bitcoin, had dropped 60% from the start of the quarter. This had caused a complete market collapse. It was the 16th consecutive month that the total crypto market crash fell below $1 trillion.
After entering the month with an average of $30,000.00, the digital asset closed the month at $19 918. Investors had lost hope and the market has been affected by a variety of other events.
BTC struggles for $19,000| Source: BTCUSD on TradingView.com
Bitcoin Investors are Not Excited
Even though the 2022 predictions were extremely bullish, they have since fallen apart. Investors are now moving their capital out of the market to avoid further losses. A number of historical trends suggest that it is very possible for the digital asset to plummet further before any substantial recovery.
Similar Reading: Decline in Ethereum Futures on CME suggests Institutional Investors are Still Bearish| Decline In Ethereum Futures On CME Suggests Institutional Investors Are Still Bearish
It is evident that bitcoin has not been able to sustain the crucial technical levels needed for an immediate recovery. The market has seen a sharp increase in negative sentiment, with bitcoin trading at a lower level than its 200-week moving mean for the first time ever.
Although it has been moving against established trends in the past, the chances are that this digital asset will continue to follow certain market trends. This is the time when the bottom is always in. If this is true, bitcoin could see a low of $12,000 before the next bull market resumes.
Featured Image from Coin News. Chart from TradingView.com
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