Bitcoin Records Worst June in Four Years – Is a Cyclical Bottom in Play?
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On-chain data shows June was a weak month for bitcoin with price weakness driven by faltering spot demand and institutional flows, prompting speculation about a potential cyclical bottom. Bitfinex analysts note historical seasonality could make July better for BTC but caution that seasonality alone will not sustain a recovery and that sustained spot and institutional demand is required for a lasting rebound.
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On-chain data has confirmed that June was a painful month for bitcoin (BTC), but beyond the price weakness, both spot demand and institutional flows faltered. Due to last month’s performance, there is speculation that the market may be nearing a cyclical bottom, but this remains unconfirmed.
In the meantime, analysts at the crypto exchange Bitfinex revealed in this week’s Bitfinex Alpha that historical data suggests that July could be better for BTC. However, a seasonality dynamic will not be able to sustain a recovery for BTC this month – the asset needs sustained spot and institutional demand.
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