Bitcoin displays red candles for the eighth consecutive week
BTC again slipped below $30,000 as the week opens to a grim start despite a lack of volatility over the weekend
By Shashank Bhardwaj
Bitcoin (BTC) continues to struggle and displays red candles for the eighth consecutive week. It was down by over 3 percent at the time of writing and was unable to hold on to the May 22 weekly close of $30,000, giving bears a little to celebrate.
For the last two months, Bitcoin has witnessed eight consecutive weeks in the red for the first time in its history. The lack of volatility is making traders hope for a move to larger support areas followed by similar resistance zones. Popular trader Crypto Tony noted that Bitcoin’s upside and downside targets were around $27,900 and $31,000 and said, “Still wedged between the supply and demand zone…Hoping for a break today so we have some juicy action to play with.”
The market seems to be in a panic mood as it is usual for a big currency like Bitcoin to witness multiple red weeks to head toward a massive bear market. It can be successfully assumed that the crypto market has entered a bear phase and shows a stark correlation to the S&P 500 stocks, which seemed to have entered a similar phase. S&P 500 has already lost 20 percent from its peak, having officially entered the bear market phase now.
Investors’ confidence and momentum have been low and negative for the same reason. Though PlanC, a popular Twitter account, noted that BTC’s correlation with stocks has been on the decline compared to the previous months.
However, Michael van de Poppe, a Cointelegraph contributor, says that “green numbers for Bitcoin” are expected over the coming weeks. If BTC closes the week at the current level of $30,000, the record eighth consecutive red candle will be sealed on the weekly chart. Though some traders take to accumulation during this phase, massive sell-offs have been conspicuous and an unavoidable part of the bear market.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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