 ▲ Bitcoin (BTC) ©Coin Leaders |
As of 9:06 a.m. on June 30 (Korean time), the Bitcoin (BTC) price rose 0.9% over the past 24 hours based on CoinGecko.
However, the price of Bitcoin showed a sluggish performance, falling 5.3% over the past week and 11.0% over the past month.
The decline in BTC prices occurred as traders faced several market factors, including a lack of new capital in the cryptocurrency ecosystem and selling pressure intensified by the German government and Mt. Gox bankruptcy payout.
Cryptocurrency specialized media U Today said, "Despite today's slight rise, the overall technical trend on the daily chart is still bearish. For now, attention should be paid to the important area of $60,000. If it breaks downward, the accumulated energy will be used to protect the support line. “After breaking through, we will be able to test $58,000. From a mid-term perspective, if we stay away from $59,112, there is a possibility of a rebound to the $62,000 area.”
Meanwhile, according to data from Coinclass, a cryptocurrency derivatives statistics platform, the median return for all BTC in June was -0.49%, and the median return for BTC in July was 9.6%.
Coinglass said, "Excluding this year, there were five Junes in which the Bitcoin price recorded a negative price: 2022, 2021, 2020, 2018, and 2013. After the drop in June, BTC fell by more than 9.6% in each of the five years. “Whenever the price of Bitcoin fell in June, the largest cryptocurrency by market capitalization usually recovered by double digits in the following month,” he said.
In relation to this, Matt Hougan, Chief Investment Officer (CIO) of Bitwise, a cryptocurrency asset manager and Bitcoin spot ETF issuer, said through his However, there are still many positive factors, including ETF fund inflows, court victories, infrastructure improvements, and the Lindy effect (longer life expectancy of technologies, ideas, and companies that have survived for a long time). “Short-term, non-cyclical headwinds are pushing prices down, but this is a gift for long-term investors,” he said.
