Despite Bitcoin's nearly 2% drop in the past day, trading close to the $105,000 level, the sentiment in the cryptocurrency market remains stable.
On Wednesday, the sentiment tracking indicator, the Crypto Fear and Greed Index, showed a "Greed" score of 63 (out of 100), down 1 point from Tuesday. According to CoinMarketCap data, Bitcoin (BTC) retraced 1.79% to $105,560, after nearly reaching $108,000 the previous day.
Cryptocurrency analysts have been speculating on when Bitcoin might retest its historical high of $111,970 set on May 22. Optimism was high on Monday when the price hovered just below $109,000, but it then fell back into a short-term downtrend.
Some analysts pointed out that the third quarter, which begins on July 1, is typically a weaker period for Bitcoin.
"Historically, this quarter is usually the slowest for BTC and ETH," said cryptocurrency trader Daan Crypto Trades on Tuesday.
According to CoinGlass data, Bitcoin has averaged a 5.47% increase in each third quarter since 2013. If this trend continues, it would put Bitcoin's price at around $111,000 by September 30—slightly below its historical high of $111,970.
Daan noted that the weaker performance in this quarter is due to "the summer months being relatively slow, with typically less action, trading volume, and liquidity."
Bitcoin's performance in the second quarter, which ended on June 30, was in line with historical averages, recording a 31% increase to $108,383—about 4% higher than the average second-quarter return of 27% since 2014. However, Bitcoin ended June with its highest monthly closing price.
Other indicators show that the market still heavily favors Bitcoin. According to TradingView data, Bitcoin's dominance is around 65.5%, up nearly 13% year-to-date.
Meanwhile, CoinMarketCap's altcoin season index, based on the performance of the top 100 altcoins relative to Bitcoin over the past 90 days, currently shows a "Bitcoin season" score of 20 (out of 100).
However, CryptoQuant's research director, Julio Moreno, stated on Wednesday that CryptoQuant's Bitcoin bull market score indicator has dropped to an uncertain level.
"The Bitcoin bull market score is now in the neutral zone—50 points. It needs to reach 60 points or above for the price to sustain a rebound," Moreno said.
Related: Bitcoin (BTC) analysts say the market is quickly absorbing sell-offs, paving the way for a bullish July.
This article does not contain investment advice or recommendations. Every investment and trading involves risks, and readers should conduct their own research when making decisions.
Original article: “Bitcoin (BTC) Retraces to $105,000, Crypto Market Sentiment Remains Stable”
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