Bitcoin is experiencing its worst month since June 2022



Bitcoin fell by 33% in June, its worst monthly performance since June 2022, closing below $60,000 and below its 50-month moving average for the first time in over two years.

The monthly MACD indicator is now at its most negative level since 2022, while Bitcoin dropped to a 27-month low, suggesting the market may enter a phase of selling capitulation.

Despite Bitcoin's weak performance, the macroeconomic conditions have improved:

The ISM Purchasing Managers' Index rose to 54, its highest level in 4 years.

Oil fell below $68.50, easing inflationary pressures.

Job openings in the United States reached their highest level in two years.

Historically, Bitcoin's strongest accumulation periods began after losing the 50-month moving average and when the RSI and MACD indicators reached cyclical lows.

Analysts believe the current situation resembles that phase, but Bitcoin often needs to reclaim the 200-week moving average at $62,648 to signal a return of market strength.

$BTC $ETH
$XAUUSD
BTC0.91%
ETH5.40%
XAUUSD1.36%
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