Bitcoin met July at $ 33,500. The coin attempted to break above $ 37,000 at the beginning of the week but failed to break the resistance that sharply increased after breaking the $ 35,000 mark.
At the very beginning of the second quarter of 2021, BTC was trading at around $ 58,800. However, by the end of the three months, the cryptocurrency had lost more than 40% of its value.
According to Skew, Bitcoin suffered the largest losses every quarter for the first time since 2018. Then, in the same period, the price drop was 6.7%. At the same time, in the first quarter of 2021, the cost of bitcoin increased by more than 100%, the researchers emphasized.
The previous second quarters of 2019 and 2020 ended with the strengthening of the BTC rate by 42% and 157%, respectively.
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From 2014 to the present, the cryptocurrency has recorded losses only once in the second quarter. They fell on the bearish 2018. Traditionally, it was believed that the second quarter is a successful period for Bitcoin.
However, 2021 showed that the negative trend that formed in mid-May could destroy the hopes of many traders.
Institutional interest in bitcoin dropped sharply in the second quarter. That is evidenced by both the outflow of capital from products focused on BTC and the switch of big players to gold as the safest asset.