- Bitcoin’s 165 percent gain so far this quarter is the best second quarter performance on record and the highest quarterly percentage gain since the end of 2017. The stellar gains have bolstered the long-term bullish technical setup.
- While the relative strength index is reporting overbought conditions, there are no signs of bullish exhaustion on the daily, 3-day or weekly charts. As a result, the outlook remains bullish with resistances lined up at $11,247 and $11,394, according to Bitstamp data.
- A minor pullback to $10,000 could be seen if the price again fails to hold onto gains above $11,000, validating a more bearish setup on the 4-hour chart.
- The bullish outlook would be invalidated if the price finds acceptance below $9,097 (May 30 high).
Bitcoin appears to be powering to the best second quarter price gain on record and the best quarterly performance overall since late 2017. At press time, the 165 percent gain on the April 1 opening price of $4,092 is the biggest percentage rise observed in May to June to date, going by Bitstamp data.
Further, bitcoin’s triple-digit gain so far for Q2 is the best quarterly rise overall since the fourth quarter of 2017. Over that period, the cryptocurrency rose 230 percent, propelling prices to a lifetime high of $20,000 in December.
Bitcoin on Track For Best Second Quarter Price Gain on Record