June gloom takes on a new meaning in another 2022 down month

The market cap of Bitcoin (BTC) dropped another 33% in June, which is now beginning to numb the Twitter community. On the upside, many crypto traders who wanted out did so fairly aggressively from March to May. But, the less optimistic news is that the stagnancy in address activity may need to change for prices to get a running start on recovery.

Unlike April and May, the altcoin pack didn’t struggle tremendously more than Bitcoin. BTC’s 33% drop was pretty middle of the road in terms of corrections. In a vacuum, crypto bulls would prefer seeing altcoins continuing to lag, pushing more traders back toward Bitcoin as a relative “safe haven.”

Nevertheless, June was a tale of two halves. June 1-15 saw a massive 25% further downswing for Bitcoin. Comparatively, June 16-30 was looking up until the very end of the month, which now exhibits an additional 8% slide.

The $20,000 price level has shown to be both psychological support and resistance area. Therefore, a drop below (which could very well occur by the time this article is published) may quickly change traders’ outlook. Panic selling and overly eager buying should occur as soon as the $19,500 to $19,900 range is hit.