Bitcoin (BTC) On Track To Its Second Worst Quarter In Eight Years

Despite the fact that Bitcoin (BTC) is still up 'year-to-date', it erased almost half of its price in Q2, 2021. 

Worst three months for Bitcoin (BTC) since 2018 Crypto Winter

Skew, an analytical group that tracks crucial indicators for crypto derivatives markets, shares the statistics of Bitcoin's quarterly performance on Twitter.

#bitcoin up 10% year-to-date but on track for worst quarter since Q1 2018 pic.twitter.com/z3PpsAlIJK

— skew (@skewdotcom) June 22, 2021

According to their latest tweet, Bitcoin (BTC) lost 45,91% in Q2, 2021. In Q1, 2018 after reaching the 2017 high of over $19,000, Bitcoin (BTC) retraced 49,89%. This disaster is the worst result in Bitcoin's (BTC) latest eight years.

At the same time, Bitcoin (BTC) 'year-to-date' price dynamics is surprisingly positive. Today, the flagship cryptocurrency is up 10% compared to early January, 2021.

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As covered by U.Today previously, none of the summer months 'loves' Bitcoin (BTC). Typically, March and August bring the most painful news for Bitcoin (BTC) bulls.

All eyes on $31,000 level

Today, on June 22, Bitcoin (BTC) yet again touched the bullish stronghold at $31,000. In June, this level established itself as a reliable support amidst increasing selling pressure.

Bitcoin (BTC) price is plummeting as China intensifies its crackdown on crypto. Bitcoin (BTC) mining has been banned in the majority of provinces including strategic ones.

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Bitcoin (BTC) Miners Might Be Leaving China. Is This Good or Bad?

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Also, all major banks are prohibited from interacting with crypto-oriented services including exchanges. Analysts explain this witch-hunt by either political or environmental issues.