Bitcoin (BTC)Crypto News

Bitcoin marks 6 consecutive red weekly candles

                                                            Der Preis von Bitcoin hat seit Ende März ziemlich gelitten und in diesem Zeitraum über 15.000 $ verloren.  Darüber hinaus hat die Abwärtsbewegung des Vermögenswerts einen negativen Rekord aufgestellt, da er zum ersten Mal seit fast acht Jahren sechs aufeinanderfolgende Wochen mit roten Kerzen schloss.

Six reds in a row

Let’s go back to mid-March. The BTC landscape was not so favorable as it struggled below $40,000. However, everything changed when the asset embarked on two massive weekly increases that saw it near the $50,000 mark.

The community started cheering, the fear and greed index went into the realm of “greed” for the first time in almost a year and everything seemed to be blooming.

But what goes up must come down, as the saying goes. Not only was bitcoin stopped at the coveted $50,000 mark, but it entered a negative streak that has lasted until today – more than six weeks later.

As the chart below shows, BTC has been in free fall since late March. A drop to $33,000 earlier today means the asset has lost approximately $17,000. And for the first time since 2014, it closed six times in a row with red weekly candles.
Bitcoin marks 6 consecutive red weekly candles, Crypto Trading NewsBTCUSD. TradingView
There is a lot of similarity between the two negative streaks. Back then, BTC was two years after its halving (then the first ever), a period typically associated with bullish price developments. In fact, since the halving, BTC had surged almost 100x to local tops above $1,100 before beginning its not-so-gradual descent.

So recorded the cryptocurrency between the end of August 2014 and the end of September 2014 weekly closures in the red.
Bitcoin marks 6 consecutive red weekly candles, Crypto Trading NewsBTCUSD 2014. TradingView

Will there be more pain?

Although the negative series was broken with a clear green candle, Bitcoin continued to collapse in the weeks that followed. In fact, it bottomed at $155 in mid-January 2015.

So if the similarities hold up even now, it would be safe to brace yourself for another nosedive. This was recently predicted by a well-known crypto analyst, who relied on the realized price of BTC – it shows the value of all coins at the price they were bought at divided by the total amount of BTC in circulation.

According to data from Glassnode, this price is currently at $24,300, which could mean another drop of almost $10,000.

A #Bitcoin-Descent to the realized price (average on-chain cost basis) is quite possible and corresponds to previous market bottoms in bear market cycles.

The realized price is currently $24.3,000.

[1/3] pic.twitter.com/XcdCbl7W0h

— Dylan LeClair 🟠 (@DylanLeClair_) May 9, 2022

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Source: Crypto News Deutsch

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