Bitcoin Still on Track for Quarterly Gains After Drop Toward $9K

Bitcoin Still on Track for Quarterly Gains After Drop Toward $9K

Bitcoin prices June 23-25 (CoinDesk BPI)

Bitcoin looks set to end its three-quarter losing run despite having dropped to $9,000 earlier on Thursday. 

At 03:35 UTC, the leading cryptocurrency by market cap printed a low of $9,002, extending Wednesday’s 3.5% decline, according to CoinDesk’s . 

The pullback from Monday’s high of $9,800 to $9,000 could be associated with in the traditional markets fueled by mounting trade tensions, renewed coronavirus fears and the International Monetary Fund’s decision to downgrade global growth forecasts. 

Bitcoin has recovered a little to $9,250 at press time and is down 5% from Monday’s high.

Even so, bitcoin is still up 44% from the April 1 opening price of $6,428. A quarterly gain would be confirmed if prices hold above that level through June 30. 

The cryptocurrency is on track to report its first quarterly rise since the April-June period of 2019. Back then, prices rallied by 163% to reach a high of $13,800, which remains unchallenged to date. 

While bitcoin can be volatile – often adding or losing more than $1,000 in a matter of a few minutes – analysts do not see prices falling all the way back to $6,428 in the short term. 

“We believe bitcoin will continue to trade sideways, albeit at a wider range with pulses of volatility scraping along time to time until it breaches the upper resistance of $10,000,” said Lennard Leo, head of research at Stack, a provider of cryptocurrency trackers and index funds. 

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