TLDR Tech / Crypto
Five Things to Know in Bitcoin This Week
Bitcoin closed June below $59,500, posting a 19% monthly loss, its worst since 2022's bear market, as $60,000 shifts from support to resistance. RSI bullish divergences are forming across multiple timeframes alongside potential double bottom structures on four-hour charts, patterns that preceded major trend reversals including the 2022 cycle bottom. CryptoQuant's UTXO Block P/L Count Ratio reached 5.9, matching 2022 bear market lows, signaling widespread realized losses and what analysts characterize as Bitcoin's first meaningful bottoming phase of the current bear cycle. Macro catalysts including Q2 nonfarm payrolls and manufacturing PMI data close the quarter, while historical seasonality shows July has reversed June weakness in all but three instances since 2013.
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