Cryptocurrency service provider Matrixport shared a post on a social media platform X, noting that Bitcoin reached what the company’s Fear and Greed Index identifies as its potential lowest point on June 25th. Historically, such levels have often preceded price recoveries.
On June 26th, Matrixport noted that Bitcoin had entered oversold territory. Subsequently, over the weekend, the cryptocurrency broke its short-term downtrend. The firm acknowledged that obstacles still exist for a sustained rally but highlighted the tactical rebound that has taken place.
Other cryptocurrency analysts had emphasized that historically when Bitcoin experienced a negative June, it often rebounds in July. In a recent post on X, Ali Martinez emphasized that Bitcoin has delivered an average return of 7.98% and a median return of 9.60% during this month. Therefore, his analysis suggests that despite June’s decline, BTC could potentially witness an uptick in July.
#Matrixport 
Today-Jul 2: #Bitcoin Has Broken The Downtrend#CryptoFinance #cryptocurrency #BTC pic.twitter.com/UGYyA1rIiX
— Matrixport Official English (@Matrixport_EN) July 2, 2024
Bitcoin Sees Volatile Trading Amid Institutional Transfers And Minner Sell-Offs
As of the latest update, Bitcoin price stands at $62,549, marking a decrease of over 0.55% in the past 24 hours, indicative of ongoing volatility. Its recent lows are recorded at $62,390 and highs at $63,776, according to data from CoinMarketCap. Bitcoin’s dominance in the cryptocurrency market currently stands at 53.45%, showing a marginal decline of 0.01% over the last day. Meanwhile, the cryptocurrency’s market capitalization totals $1.23 trillion.
This volatility stemmed from the recent institutional Bitcoin transfers totaling 1,800 BTC valued at $114 million, as recorded by Arkham Intelligence, along with market participants divesting their Bitcoin holdings. Additionally, Bitcoin miners have been selling their funds, offloading more than 2,300 BTC valued at approximately $145 million, which added to the price decline. Furthermore, the German government has been liquidating its Bitcoin holdings, with a transfer of more than 1,500 BTC reported on July 1st.
Meanwhile, the broader cryptocurrency market displays a variety of price movements, with Ethereum, XRP, and Solana mirroring Bitcoin’s fluctuation, showing both gains and losses.
Over the past 24-hour period, the global cryptocurrency market capitalization has slightly decreased by 0.37% to $2.31 trillion. Despite this, the total trading volume in the cryptocurrency market has notably increased by 3.28% from yesterday, reaching $53.76 billion.
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