![\"Crypto](\"https:\/\/lenceriaencaje.com\/wp-content\/uploads\/2024\/08\/Bitcoin-and-Ethereum-Q2-Price-Movement-Analysis-Report-1024x538-1.png\")
<\/p>\n<\/p>\n
The post Bitcoin and Ethereum Q2 Price Movement Analysis Report\u00a0\u00a0<\/a> appeared first on Coinpedia Fintech News<\/a><\/p>\n The Quarter Two of the Year 2024 was an eventful period for the crypto sector. During the period, the crypto market, especially the Bitcoin and Ethereum markets, witnessed several important events, capable of influencing market sentiment. Time to do an analysis to understand the Q2 price movements of the top two cryptos. Ready? <\/p>\n In Q2, Bitcoin <\/a>recorded a quarterly return of -12%, while Ethereum<\/a> saw a return of -5.08%. These figures are a stark contrast to Q1, where Bitcoin enjoyed a +68.7% return and Ethereum a +59.8% return. April 2024 saw Bitcoin\u2019s lowest monthly return at -14.7%, and June at -7.02%. However, May brought some relief with Bitcoin posting an impressive +11.1% return, which helped cushion the overall quarterly decline. Similarly, Ethereum had a stellar performance in May with a +24.7% return, though April and June saw drops of -17.2% and -8.64% respectively.<\/p>\n By the end of Q2, Bitcoin\u2019s closing price was $62,743, a significant drop from Q1\u2019s $71,262. Ethereum also saw a decrease, closing at $3,436 compared to $3,645 at the end of Q1.<\/p>\n This data indicates that Q2 was less favorable for both Bitcoin and Ethereum, necessitating a deeper analysis of the events influencing these price movements. This can provide valuable insights into what to expect in Q3. Let\u2019s analyze these events month-by-month, starting with April.<\/p>\n Bitcoin’s April Journey<\/strong><\/p>\n On April 1st, Bitcoin\u2019s price was around $71,263, significantly lower than its all-time high of $73,037 on March 13, 2024. By the end of April, the price had slipped to $60,617, marking a period of decline. The month began with a red candlestick, and despite an early attempt to recover, the price dropped sharply after April 8th until April 17th. Mid-April saw another recovery attempt, but post-April 22nd, Bitcoin\u2019s price fell again with no signs of recovery.<\/p>\n One major event in April was Bitcoin Halving on April 20th, which initially spurred positive sentiment. Two days before the event, Bitcoin\u2019s price rose to $66,810, a $5,564 increase in just five days. However, this positive momentum was short-lived.<\/p>\n Ethereum’s April Performance<\/strong><\/p>\n Ethereum\u2019s story in April mirrored Bitcoin\u2019s. Starting the month at $3,645.56, it fell to $3,015.41 by month\u2019s end. Early April saw a brief climb to a monthly peak of $3,693.22, but this momentum did not last. Between April 9th and 17th, Ethereum faced strong selling pressure, with a significant decline of 13.85% between April 11th and 13th. The price hit a monthly low of $2,985.40 on April 17th before recovering slightly towards the end of the month.<\/p>\n Two key events influenced Ethereum\u2019s price sentiment in April: the Middle East crisis and Bitcoin Halving. The Middle East crisis contributed to the price fall between April 9th and 17th, while the Bitcoin Halving helped generate positive momentum after April 18th.<\/p>\n For Bitcoin, the month of May 2024 was largely positive. The month began with a price of just $58,289. On the last day of that month, the price closed at $67,482. On the second day of the month itself, a strong buying pressure stepped in. It took the price to a high of $64,019, within a couple of days. Between 6th May and 14th May, the sellers of the market attempted to contain the upward momentum. <\/p>\n On the 15th of May, with a strong green candlestick, the buyers of the market defeated the sellers. They helped the market to reach as high as $71,390, on 20th May. Later, the price of BTC slightly slipped, indicating a renewed attempt by the sellers to contain the momentum. <\/p>\n The major events reported in the month of April were the movement of nearly 4,550 Bitcoin from exchange to more secure \u2018Cold Storage\u2019 locations, the indication of reduced inflationary pressure in the April US non-farm payrolls report, the postponement of the SEC\u2019s decision on ETH Spot ETFs on 6th May, the request of the SEC to provide updated 19b-4 filings, the approval of nearly eight Ethereum Spot ETF <\/a>applications by the SEC on 23rd May, and the passing of the Financial Innovation and Technology for the 21st Century Act <\/a>(FIT21) in the House of Representatives on 22nd May. <\/p>\n Almost all these events not only influenced the market sentiment in the Bitcoin market but also affected the sentiment in the Ethereum market – in fact, the sentiment in the entire crypto market. <\/p>\n Ethereum’s May Momentum<\/strong><\/p>\n The postponement of the SEC\u2019s decision on ETH Spot ETFs on 6th May might have sent negative impressions about the prospects of the market. Naturally, the selling pressure stepped in post the said date. Post 11th May, several positive developments occurred like the movement of around 4,550 Bitcoins from exchanges to cold storage locations, and the change of stand of the SEC towards the Spot ETF applications (on the wake of increasing prominence of the crypto regulation issues in the US election discussion forums and platforms). The most prominent ones among those were the approval of the Ethereum Spot ETF applications and the passing of the FIT21. On 20th May, a large green candlestick occurred. Though a small selling pressure emerged post that day, it could not take the price below the low of the candle of 20th May. <\/p>\n In the Ethereum market, the situation was similar in May also. The market began the month with a price of $2,969.36. On the last day of the month, it crossed $3,760.14. Between 6th May and 14th May, negative sentiment was dominant, most probably due to the SEC\u2019s unwelcoming attitude towards the Spot ETF application on 6th May. The sentiment slowly shifted from negative to positive, as the SEC changed its attitude towards the ETF applications. On May 20, just two days before the SEC\u2019s application approval, the market created a large green candle; in a single day, the price climbed from $3,073.50 to $3,659.53. After that, the price never dropped below the high of that day till the end of that month. <\/p>\n Bitcoin’s June Decline<\/strong><\/p>\n Bitcoin opened the month of June with a green candle; the price was nearly $67,728. The positive momentum lasted till the 5th of June when the price touched the month\u2019s peak of $71,109. What followed was a period of sharp decline. The downtrend lasted till the 24th of June when the price reached as low as $60,256. Towards the end of the month, though the price showed a slight recovery, it could not rise beyond $62,686 – the closing price of BTC in June. <\/p>\n Several events, capable of influencing the crypto market, particularly the Bitcoin and Ethereum markets, occurred in the month of June. The massive victory of around 33 of the 35 FairShake-backed (or crypto-backed) candidates in the US Congressional primaries, the release of the positive statements of Republican US Presidential candidate Donald Trump<\/a> Bitcoin and Ethereum: Quarterly Performance Recap<\/h2>\n
April: Price Sentiment Analysis<\/h2>\n
Bitcoin and Ethereum: May Price Sentiment Analysis <\/h3>\n
June: Price Sentiment Analysis<\/h2>\n
![\"information\"](\"https:\/\/image.coinpedia.org\/wp-content\/uploads\/2022\/11\/10122626\/info_icon.svg\"){kind=icon}
<\/span><\/p>\n
![](\"https:\/\/image.coinpedia.org\/wp-content\/uploads\/2022\/11\/09190601\/link.svg\")
<\/a><\/span>![](\"https:\/\/lenceriaencaje.com\/wp-content\/uploads\/2025\/01\/1722326224296vuje2za8fp.jpg\")