05 Jul 2022
Worst quarter since 2011 for bitcoin
Q2 ended as the worst quarter for bitcoin since Q3 2011, as the price declined from ~$45,000 to ~$19,900 – a drop of 56%.
The last three months have been brutal in the crypto market. Bitcoin opened Q2 at $45,000 and has since declined to below $20,000. This marked a historic quarter for the bitcoin price, and we have to go back 11 years to find a more brutal quarter. Bitcoin ended the quarter just below $20,000, dropping 56%.
Bitcoin is now ranging around the $20,000 level, which also marks the peak of the last bull run. Technically speaking, the close of the monthly candle was positive, as the price closed just above the 2017 peak. While it’s too early to draw any conclusion, this could be the first sign of a classic support/resistance flip, where previous resistance will act as support.It’s essential to understand that these are only technical levels. With uncertainty in the global financial markets, other factors are also highly relevant to analyze when looking at bitcoin's outlook.