Bitcoin Price on Track to Post First Monthly Loss Since January

View Bitcoin looks set to end its five-month winning streak with prices currently down 9 percent from the monthly opening price of $10,759, according to Bitstamp data.

A low-volume price breakout seen on 4-hour chart indicates BTC may have a tough time scaling key resistance at $10,235 in the next few hours.

Long-term charts retain the bullish bias despite the monthly loss.

The top cryptocurrency by market value is currently trading at $9,740 on Bitstamp, representing a 9.3 percent drop on the opening price of $10,759 seen on July 1, according to Bitstamp data.

If prices print a UTC close below $10,759 today, then it would be the first monthly loss since January.

The 9.3 percent drop seen at press time is the biggest monthly loss since November 2018.

With the UTC close still 14 hours away, a sudden $1,000 move to levels above the monthly opening price of $10,759 cannot be ruled out.

BTC may not be able to push beyond the bearish lower high of $10,235 on the 4-hour chart, as trading volumes haven't picked up with the price breakout.

While a negative monthly close looks likely, the long-term outlook will remain bullish as long as prices are held above the 200-day moving average, currently at $6,417.

Despite the monthly loss, the bullish structure on the long-term chart remains intact, as seen in the chart below.