- Bitcoin poised to end the month in negative territory unless price rises above $37,300
- Second-quarter result is looking to arrive at a 40% loss for the flagship cryptocurrency
Bitcoin Looking at a Monthly Loss
The price of bitcoin has so far been unable to sustain a clear break above the $35,000 milestone despite a weeklong effort by the bullish camp. Bitcoin buyers gained further ground above the immediate resistance of $35,000 on Tuesday, but momentum subsided and the price went back under the level on Wednesday.
Even though the price of bitcoin was able to close above $35,000 yesterday, the digital currency now hovers around $34,800 per coin as bears are once again looking for opportunities to short the bitcoin market.
Significant Second-quarter Results
Today’s trading result is significant in a few ways. It marks the end of the month, the second quarter and the first half of 2021. While it is highly unlikely that bitcoin would be in profit for the second quarter, it floats right below the opening price of the month, looking to log a monthly loss if price stays subdued during today’s session.
Unless buyers push bitcoin’s price above $37,300, the opening level on June 1, bitcoin will register its third consecutive month of losses. At the current market price of $34,800, the flagship token is negative by 6.7% for June. Expanding the performance over the second quarter of the year, bitcoin is down by 41%, or roughly $25,000, from April’s opening price of $59,000.
Still, bitcoin remains in the green for the year as price has advanced 20% January-to-date. Despite the recent dry spell that has been keeping a lid on bitcoin in recent weeks, the largest digital asset was able to claw back from a mid-May bottom of $29,000 when Chinese authorities cracked down on bitcoin mining and trading.
The recent slump that erased more than 50% from bitcoin’s market value echoed the 2017-2018 crypto-market winter. Bitcoin proponents, however, remain committed to pursuing higher grounds now that the second wave of crypto has the support of major financial institutions, big corporations and even some investment banks and governments.
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