Title: Bitcoin Struggles to Stay Above $60,000 as Q2 Comes to a Close

In a challenging second quarter, Bitcoin (BTC) has been facing relentless selling pressure, dipping below the $60,000 mark as the quarter draws to an end. After a powerful start to 2024 with predictions of reaching $100,000, Bitcoin's price has been on a rollercoaster ride, experiencing a decline of more than 14% since entering the second quarter.

At the beginning of Q2, Bitcoin was trading close to $71,000, but as of now, its value has dropped to $60,800. This decline has raised concerns among investors, especially as the quarter concludes. While expectations were high for a promising market, the persistent selling pressure has caused the price to struggle.

Although Bitcoin's performance has been less than stellar, Ethereum (ETH) managed to outperform in the second quarter, despite a 5% drop. This relative success was overshadowed by larger declines in many altcoins, leading to a more significant decline of over 21% in the broader CoinDesk Index during the last three months.

Among the notable losers, Solana (SOL) experienced a substantial 30% tumble, Ripple's (XRP) dropped by 23%, and Dogecoin (DOGE) took a plunge of 42%. On the other hand, Ethereum was the index's best performer, even with its 5% slide.

Bitcoin's disappointing second quarter can be seen as a correction within a larger bull move. The token had witnessed a remarkable increase of nearly five-fold from its January 2023 lows to a new all-time high above $73,500 in mid-March this year. The catalysts for this upward surge included the anticipation and subsequent approval of a spot bitcoin ETF, as well as the expectation of interest rate cuts from the U.S. Federal Reserve.

However, the inflation rate failed to align with these expectations, and there has been no relaxation of monetary policy by the Federal Reserve so far. With the anticipation of further rate cuts diminishing and the influx of ETFs reaching a plateau, buyers seem to be holding back until a new catalyst emerges.

As Bitcoin heads into the third quarter, analysts are predicting more potential pain ahead. Markus Thielen from 10X Research highlighted ten reasons why the price could decline to $55,000 in the near term. Trend-following funds are also likely to take note of these signals and potentially increase short positions, further pressuring Bitcoin.

Moreover, analysts are considering the impact of the upcoming U.S. presidential election. While some Bitcoin bulls were hopeful due to Donald Trump's vocal support for cryptocurrencies, Thielen warned that President Biden's lackluster performance in the recent presidential debate could increase the chances of a replacement Democratic nominee who may prove to be a more formidable opponent to Bitcoin in the November election.

Adding to the concerns, historical trends indicate that the third quarter has been the weakest for Bitcoin performance, with an average return of just 5% over the past 13 years. In contrast, the second and fourth quarters have recorded average returns above 60%.

As the second quarter concludes, Bitcoin faces significant challenges in regaining its momentum. Investors will be closely watching for any new catalysts that could help Bitcoin break free from its current struggles and embark on a more robust upward trajectory.