The feeling of cryptocurrency was stable despite the bitcoin of almost 2% during the last day to change the hands near the price level of $ 105,000.
The Crypto Fear & Greed feeling index of feeling displayed a “greed” score on Wednesday on 100 on Tuesday, while Bitcoin (BTC) fell 1.79% down to $ 105,560 after having almost reached $ 108,000 the day before, according to CoinmarketCap data.
Strong feeling leading to a historically poor Q3
Crypto analysts speculated when Bitcoin could retest its summit of all time of $ 111,970 reached on May 22. Optimism was high on Monday because its price oscillated just below $ 109,000, before slipping into another short -term short -term trend.
Some analysts noted that the third quarter, which started on July 1, is generally a lower period for Bitcoin.
“According to historical data, this quarter is generally the slowest of all, for $ BTC and $ ETH,” said Crypto Daan Crypto Trades Tuesday.
Since 2013, Bitcoin has an average gain of 5.47% in the third quarter each year, according to Coinglass. If this trend is held, it would place the Bitcoin price around $ 111,000 on September 30 – a little less from its $ 111,970 summit.
Daan said that lower performance during the quarter is due to “slower summer months when there is generally less action, liquidity volumes (and)”.
Bitcoin Q2 performance corresponds to an average gain
Bitcoin closely respected its historic average performance during the second quarter, which ended on June 30, displaying a gain of $ 31%, or about 4% above the average yield of 27% of T2 since 2014. However, Bitcoin ended the month of June with its highest monthly candle.
In relation: The strategy buys $ 531 million in Bitcoin while the feeling bounces above $ 107,000
Other indicators point out that the market still strongly promotes Bitcoin. Bitcoin domination is located around 65.5%, up almost 13% so far this year, according to TradingView.
Meanwhile, the CoinmarketCap Altcoin season index, which bases the performance of the 100 best altcoins compared to Bitcoin in the last 90 days, is sitting on a “bitcoin season” score of 20 out of 100.
However, the cryptotic research chief Julio Moreno said on Wednesday that the metric of the cryptocurrency Bitcoin score had decreased to a level of uncertainty.
“The Bitcoin Bull score is in neutral territory now – 50. Must be 60 or more for prices to support a rally,” said Moreno.
Review: Pakistan will deploy the Bitcoin reserve in Defi for the yield, explains Bilal Bin Saqib
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
