Despite Bitcoin falling to $105,000 .

The cryptocurrency market sentiment has remained stable to
despite Bitcoin falling nearly 2% in the last day to trade
near the $105,000 price level.

The Crypto Fear & Greed Index, which tracks sentiment, recorded a “Greed” score of 63 out of 100 on Wednesday, falling one point from Tuesday, while Bitcoin

BTC

€92,729

retreated 1.79% in a fall to $105,560 after nearly reaching $108,000 the day before, according to CoinMarketCap data.

Strong Sentiment Before Entering a Historically Weak Third Quarter

The
cryptocurrency analysts have speculated on when Bitcoin might
retouch its all-time high of $111,970 reached on May 22.
Optimism was high on Monday as its price hovered just
below $109,000, before falling into another short-term
bearish trend.

Some analysts noted that the third quarter, which began on
July 1, is typically a weaker period for Bitcoin.

“Based on historical data, this quarter is generally the slowest of all, for both BTC and ETH,” said Daan Crypto Trades on Tuesday.

Since 2013, Bitcoin has averaged a gain of 5.47% during the third quarter of each year, according to
CoinGlass. If that trend continues, it would place the price of Bitcoin
around $111,000 by September 30, just below
its all-time high of $111,970.

Daan said that the
weaker performance during the quarter is due to the “slower summer months,
where there is generally less activity, volumes and
liquidity”.

Bitcoin's second-quarter performance matched the average gain

Bitcoin
closely matched its historical average performance during the
second quarter, which ended on June 30, recording a gain
of 31% to $108,383, approximately 4% above the return
average of 27% for the second quarter since 2014. However, Bitcoin
finished the month of June with its highest monthly candle.

Other
indicators point out that the market continues to heavily favor
Bitcoin. Bitcoin dominance stands at around 65.5%, with a
increase of nearly 13% so far this year, according to TradingView.

Meanwhile, the Altcoin Season Index
from CoinMarketCap, which bases the performance of the top 100
altcoins in relation to Bitcoin over the past 90 days, is at
a “Bitcoin Season” score of 20 out of 100.

However, CryptoQuant's head of research, Julio Moreno, said on Wednesday that CryptoQuant's Bitcoin Bull Score Metric has declined to a level of uncertainty.

“The
Bitcoin Bull Score is currently in NEUTRAL territory – 50.
It needs to be at 60 or above for prices to maintain their
rally,” Moreno said.