Bitcoin price remains bearish in the short term, forecasting a potential short-term downward correction. The weekly imbalance, stretching from $59,111 to $53,120, is an ideal accumulation zone. On-chain metrics support this outlook as short-term holders have accumulated 1.12 million BTC since late December 2023. Bitcoin price action for the past three weeks has been confusing for sidelined participants.
Instead, BTC is moving sideways, consolidating between the current ATH and $60,761. BTC/USDT 1-day chart So, what’s next? A look at BTC's historical price performance might give investors some idea. The monthly returns table for Bitcoin shows that the second quarter yielded an average BTC return of 30%, compared to the first quarter’s 11.41%. Additionally, the second quarter, in general, has seen very few negative returns in the past decade.
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