{"id":11966,"date":"2022-07-01T07:52:52","date_gmt":"2022-07-01T07:52:52","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-june-close-barely-beats-2017-high-as-coinbase-premium-flips-positive\/"},"modified":"2022-07-01T07:52:55","modified_gmt":"2022-07-01T07:52:55","slug":"bitcoin-price-june-close-barely-beats-2017-high-as-coinbase-premium-flips-positive","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-june-close-barely-beats-2017-high-as-coinbase-premium-flips-positive\/","title":{"rendered":"Bitcoin price: June close barely beats 2017 high as Coinbase Premium flips positive"},"content":{"rendered":"
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Bitcoin (BTC) finished June 2022 just below $20,000 after a last-minute pump saw bulls escape 40% monthly losses.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Analyst: Bitcoin could stay “boring” for months<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD spiking higher into the monthly close, which came in at $19,924 on Bitstamp.<\/p>\n

With that, the pair narrowly avoided its first-ever monthly close below a previous halving cycle\u2019s all-time high. On Bitstamp in November 2017, Bitcoin reached approximately $19,770.<\/p>\n

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Right on time. #BTC<\/a> pic.twitter.com\/KxZiOF0kF8<\/a><\/p>\n

\u2014 Material Indicators (@MI_Algos) June 30, 2022<\/a><\/p><\/blockquote>\n

The success was at best touch-and-go for a market which nonetheless sealed its worst monthly losses since September 2011, these coming in at around 37.3%. It was also short lived, with BTC\/USD diving toward $19,000 at the time of writing on July 1.<\/p>\n

\u201cSteadily carving out a cycle bottom here,\u201d Philip Swift, indicator creator and analyst at trading suite Decentrader summarized<\/a> in part of Twitter comments after the close.<\/p>\n

Bitcoin\u2019s weakness came as United States equities saw dismal results of their own. Q2 2022, commentators noted, was the worst since 1970 for the S&P 500, while the Nasdaq saw its weakest H1 since 1998.<\/p>\n

\u201cAdjusted for inflation, 2022 first half S&P 500 down 25-26%, and Nasdaq down 34-35%, Bitcoin down 64-65%,\u201d Big Short investor Michael J. Burry reacted<\/a>. <\/p>\n

\u201cThat was multiple compression. Next up, earnings compression. So, maybe halfway there.\u201d<\/p><\/blockquote>\n

Burry had previously forecast that U.S. monetary policy, currently fixed on driving up interest rates to fight inflation, would be forced to change course before the end of the year.<\/p>\n

“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<\/a> Twitter followers. <\/p>\n

“If we are finding an accumulation zone, will likely still see months of boring & capitulation through time.”<\/p><\/blockquote>\n

BTC\/USD monthly returns chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n

Coinbase Pro buyers step up, metric suggests<\/h2>\n

Among institutional investors, however, there was fresh evidence that BTC was a “buy” at $20,000.<\/p>\n

Related:\u00a0‘Can’t stop, won’t stop’ \u2014 Bitcoin hodlers buy the dip at $20K BTC<\/em><\/strong><\/p>\n

As noted by on-chain anaytics platform CryptoQuant, the so-called “Coinbase Premium” returned to positive territory for the first time in two months on June 30.<\/p>\n

The Premium is the difference between the BTC price on major exchange Binance and U.S. exchange Coinbase’s institutional arm, Coinbase Pro.<\/p>\n

When positive, it means that investors are paying more on Coinbase Pro, suggesting heightened demand. The Premium stood at 0.217 as of June 30.<\/p>\n

Coinbase Premium vs. BTC\/USD chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n

“This uptick does not indicate a bull run but obviously, it tells us there are institutional buyers in this price range,” CryptoQuant’s CEO, Ki Young Ju, commented<\/a> on the data.<\/p>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n