Bitcoin Heading for Fifth Month of Gains Despite Price Correction

View Bitcoin is still on track to close with gains for the fifth straight month, despite having witnessed a double-digit technical correction in the last 36 hours.

While bitcoin's price has witnessed a double-digit correction in the last 36 hours, the cryptocurrency is still on track to end in the green for the fifth consecutive month.

The price of a single bitcoin fell to $10,300 on Bitstamp yesterday, retracing 55 percent of the rally from the June 4 low of $7,432 to the June 26 high of $13,880.

Despite the correction, the top cryptocurrency is still up 38 percent from its June 1 opening price of $8,546.

Bitcoin is flashing green for the fifth month straight, having rallied by 11, 8, 28, and 62 percent in February, March, April and May, respectively.

The cryptocurrency appears on track to log double-digit price gains for the third consecutive month - the first such run since the final quarter of 2017.

Bhargava cited low trading volumes as a cause for concern and stressed the need for increased adoption by large asset managers for further price gains.

The outlook on that time frame will remain bullish as long as the price is held above the May 30 high of $9,097.

Prices may come under pressure next month as the weekly RSI is reporting extreme overbought conditions, with the highest reading since January 2018.

Any price dip will likely be short-lived, as a channel breakout and a bullish crossover of the 5- and 10-month MAs on the monthly chart may to have opened the doors for a rally to record highs above $20,000.