Bitcoin experienced a significant price decline in June, dropping from a monthly high of $73,984 to close the month at $58,526, according to data from TradingView. Incidentally, the cryptocurrency reached its monthly high on the first day of June, then lost value as the month progressed.

Despite Bitcoin’s negative price action in June, which saw the cryptocurrency reach its lowest level in about 21 months, multiple analysts consider the price action secondary to Bitcoin’s ongoing evolution. For the XWIN Japan Research Group, June should not be viewed simply as a collapse month for Bitcoin but a period marking a transition in market structure. Although selling pressure intensified for $BTC, long-term accumulation did as well.