Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

Bitcoin dropped 56.2% in the second quarter of 2022, according to crypto analytics platform Coinglass. That makes it Bitcoin’s worst quarter since the third quarter of 2011 when BTC price fell by 67%. A large part of the damage was done in the month of June when Bitcoin plunged 37%, the worst monthly drawdown since September 2011.

It is not all gloom and doom for crypto investors. On June 29, JPMorgan strategist Nikolaos Panigirtzoglou said that the “Net Leverage metric” suggests that crypto’s deleveraging may be on its last legs. The eagerness of crypto companies with stronger balance sheets to bail out crypto firms in distress is also a positive sign.

Daily cryptocurrency market performance. Source: Coin360

Another positive view on Bitcoin came from Deutsche Bank analysts. In a recent report, the strategists said that the S&P 500 could recover lost ground and rally to the levels seen in January. This could benefit Bitcoin due to its close correlation with the S&P 500.

Could the downtrend resume or will lower levels attract buyers? Let’s study the charts of the top-10 cryptocurrencies to find out.