Bitcoin nears worst monthly losses since 2011 with BTC price at $19K

Bitcoin (BTC), fell further into the June 30 Wall Street Open as US Equities opened with a whimper.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

The U.S. Dollar returns to multi-decade highs

Data from TradingView and Cointelegraph Markets Pro followed BTC/USD’s decline of $19,000, which was its lowest level in more than ten days.

The limp U.S. stock markets caused $20,000 and $19,000 losses for bulls. At the time of writing, the S&P 500 Index and Nasdaq Composite Index were down 1.8% and 2.6% respectively.

The U.S. dollar made a comeback, aiming to return to the trajectory of the quarter’s twenty-year highs.

The U.S. dollar (DXY), which was at 105.1 on the morning, was within 0.2 points of its highest level since 2002.

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

Faisal Khan, a trader and researcher, stated that the US dollar (DXY), is set to reach new highs as the short-term downtrend has been broken convincingly amid continued crumble of risk markets.”

Inflation data, however, suggested that the worst might be behind the market.

Peak #inflation Fed closely monitors inflation. May PCE showed that prices were less volatile than expected. Headline was +6.3% YoY (flat in April, below +6.4% expected), and core was +4.7% (from +4.9% of Apr & below 4.8% forecast). Bonds rally w/US 10y down 7bps pic.twitter.com/FFgb6du6dS
— Holger Zschaepitz (@Schuldensuehner) June 30, 2022

Cointelegraph reported that central banks started to recognize that the low rates before COVID-19 might never return.

Bulls have their worst month in 11 Years

Price data suggested that BTC could theoretically move in a bear market, with most of the on-chain metrics at historical lows.

Related: Bitcoin Cash users can no longer flex their thumbs as BCH loses 98% to Bitcoin

If it closes at $19,000, the BTC/USD will suffer monthly losses of more than 40% in June 2022.

This would be the most severe June in history and the largest monthly loss since September 2011. Data from TradingView and Coinglass, an on-chain monitoring resource, confirms this.

On a monthly basis, even March 2020 and the 2018 or 2014 bear markets were less severe than in March 2020. When BTC/USD traded at $8, forty percent of the drop was last seen.

BTC/USD Monthly Returns Chart. Source: Coinglasscom. You should do your research before making any investment or trading decision.
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https://cointelegraph.com/news/bitcoin-nears-worst-monthly-losses-since-2011-with-btc-price-at-19k

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Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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