Bitcoin is approaching the worst monthly losses since 2011 with the BTC price of $ 19K
Bitcoin (BTC) drifted further down the Wall Street opening on June 30 when US stocks opened with a whimper.
US dollars go back to peaks for decades
Data from Cointelegraph Markets Pro and TradingView followed BTC / USD as they left $ 19,000 to reach their lows in over ten days.
The Bulls were unable to maintain either $ 20,000 or $ 19,000 due to weak US stock market movements, the S&P 500 and Nasdaq Composite Index down 1.8% and 2.6% respectively at the time of writing.
At the same time, the US dollar once again staged a comeback to fix a course towards twenty-year highs seen this quarter.
The US Dollar Index (DXY) was above 105.1 on the day, reaching just 0.2 points from its highest level since 2002.
“The US dollar (DXY) appears to be testing peaks last December 2002 as the short-term downtrend convincingly breaks amid the continuing crumbling of risk markets,” researcher and trader Faisal Khan summarized on Twitter.
Data on inflation once again suggested that the worst may be behind the market.
Top #inflation? The inflation rate, which was followed up most by the Fed, showed that price pressure was a bit tighter: May PCE was a bit soft, w / headline +6.3% YoY (flat vs April, below +6.4% expected) & core +4.7 % (from + 4.9% in April and below + 4.8% forecast). Bond rally w / US 10y down 7bps pic.twitter.com/FFgb6du6dS
– Holger Zschaepitz (@Schuldensuehner) June 30, 2022
However, as the Cointelegraph reported, central banks began to recognize that the low interest rates seen before COVID-19 may never return.
Bulls worst month in 11 years
With the majority of the calculations on the chain now at a historical low, price data indicated how far BTC can theoretically go in a bear market increasingly different from the rest.
Related: No bending for Bitcoin Cash users as BCH loses 98% against Bitcoin
Should it close at current levels of $ 19,000, BTC / USD will seal monthly losses of over 40% for June 2022.
That would make it the worst June ever and the heaviest monthly losses since September 2011, confirms data from TradingView and the monitoring resource Coinglass.
Even March 2020 and the bear markets in 2018 and 2014 were less severe on monthly time frames. A forty percent drop was last seen when BTC / USD traded at $ 8.
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