Bitcoin (BTC) continued its negative trend at the opening of Wall Street trading on June 30, while US stocks also opened lower.
US dollar hits multi-decade highs again
Data from Cointelegraph Markets Pro and TradingView followed the BTC/USD pair as it abandoned $19,000 to hit its lowest level in ten days.
The bulls failed to preserve either $20,000 or $19,000 at the hands of disappointing US stock market moves, as the S&P 500 and Nasdaq were down 1.8% and 2.6% respectively at press time.
At the same time, the US dollar rallied again to set a course for the 20-year highs seen this quarter.
The US dollar index (DXY) topped 105.1 points on the day, falling just 0.2 points from its highest levels since 2002.
“The US Dollar (DXY) looks poised to touch the highs last seen in December 2002 as the short-term downtrend convincingly breaks amid continued risk asset market meltdown,” summarized on Twitter the researcher and trader, Faisal Khan.
Meanwhile, inflation data again suggested that the worst may be behind us.
Peak #inflation? The inflation rate most closely watched by Fed showed that price pressures were a bit tamer: May PCE was a bit soft, w/headline +6.3% YoY (flat vs April, below +6.4% expected) & core +4.7% (from + 4.9% in Apr & below +4.8% forecast). Bonds rally w/US 10y down 7bps pic.twitter.com/FFgb6du6dS
— Holger Zschaepitz (@Schuldensuehner) June 30, 2022
However, as Cointelegraph reported, central banks have begun to recognize that the low interest rates seen before the COVID-19 pandemic may never return.
Worst month for bulls in 11 years
With most on-chain metrics currently at record lows, the price data hinted at how far BTC could theoretically go in a bear market increasingly unlike any previous one.
In case of closing at the current levels of USD 19,000, the BTC/USD pair would record monthly losses of more than 40% in June 2022.
That would make it the worst June ever and the biggest monthly losses since September 2011, data from TradingView and on-chain monitoring resource Coinglass confirm.
Even March 2020 and the bear markets of 2018 and 2014 were less severe on monthly time frames. The last time 40% drops were seen was when the BTC/USD pair was trading at $8.
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