Bitcoin(BTC) traded with a positive performance during the last two quartersclosing the first half of 2023 with profits, according to data provided by CoinGlassan information platform on cryptocurrencies.
During the first trimester, the main cryptocurrency registered a return of 71.77%followed by a 7.19% at the end of the second quarter. The last time Bitcoin had two consecutive quarters in positive territory was during the third and fourth quarters of 2021, with gains of 25.01% and 5.45%, respectively. This development is significantas the cryptocurrency market seems to be recovering from the prolonged bear phase which prevailed in most of 2022.
Bitcoin ended its quarterly losing streak during the first quarter of 2023. During 2022, the cryptocurrency recorded losses in every quarter, being the second quarter the worst of all due to the fall of the Terra ecosystem. Bitcoin quarterly returns in 2022 were of -1.46%, -56.2%, -2.57% and -14.75% in the first, second, third and fourth quartersrespectively.
In terms of monthly returns, Bitcoin has also shown positive results in 2023. Compared to 2022, when the cryptocurrency only had four months of gains, this year it only presented one negative month. The asset began January with a monthly yield of 39.63%breaking a losing streak of -16.23% and -3.59% in November and Decemberrespectively.
In February, BTC posted a return of 0.03%, while March and April followed with 22.96% and 2.81%.respectively. May was the only month with negative performance, -6.98%, and June was better, with 11.98%. So far, in July, the leading cryptocurrency already shows a positive return of 1%although it is too early to determine if the month will end in the positive.
Furthermore, CoinGlass noted that BTC has been the best performing asset class, averaging 230% annually since 2011, outperforming the Nasdaq 100 Index, which ranks second. Over the same period, major US stocks have had an annualized return 14%, while high-yield bonds and gold registered rates of 5.4% and 1.5%respectively.
In general, the cumulative growth of BTC since its creation has exceeded 20,000,000%thus surpassing the Nasdaq and the main US stock indices, which stand at 541% and 282%.
Bitcoin’s extraordinary performance continues to attract the attention of institutional investors, who are beginning to acquire this cryptocurrency in search of long-term investment opportunities.
Bitcoin: projections on its price
This Monday, July 10, the leading cryptocurrency is trading within a narrow range, with an upper bound around the $30,500 level and a lower bound around the $30,000 levelat the time of writing this article the BTC operates in $30,295.23. Bitcoin is finding significant resistance near the $30,500 level, which is bolstered by the presence of a double top pattern.
Conversely, the $30,000 support level is being supported by a strong trend line, which is expected to restrain Bitcoin’s bearish momentum. However, a break below this level could push the price towards the $29,700.
A move below $29,700 could lead to to the next support level at $29,250 and potentially even lower towards $29,000.
On the other hand, a bullish break above the level of the $30,500 could lead to the price of Bitcoin towards $31,000 or even $31,350.
Source: Ambito
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