Has Bitcoin changed direction? Bitcoin finally ends the longest series of red weekly closes
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Has Bitcoin changed direction? Bitcoin finally ends the longest series of red weekly closes
After nine consecutive weeks of red closes, Bitcoin finally managed to break this negative trend and marked its first green weekly candle since late March.
It came when the asset jumped over $30,000 in the past 12 hours.
BTC’s first weekly green candle since March:
Bitcoin was giving rise to optimism at the end of March 2022.
At the time, Bitcoin added over $10,000 in two weeks and seemed ready to challenge the much-coveted $50,000 streak of traders.
But Bitcoin didn’t follow through and did just the opposite.
Instead of heading north, Bitcoin has begun to correct, sometimes slowly and small, sometimes more violently.
Read:Bitcoin touches the level of 24 thousand dollars, and Ethereum maintains the level of 1500 dollars
Weeks later, Bitcoin has set a negative record in terms of closing consecutive weekly candles in the red. And it continued as well until the closing of the ninth candle in a row last week.
The past seven days have been more positive as Bitcoin surged above $32,000 in the middle of the week.
Despite failing there and going back below $30K, the price of the major cryptocurrency finally managed to make a weekly close above $29,250 (the latter being the closing price at the end of last week).
As such, Bitcoin saw its first weekly green candle close since March 21.
Just hours later, the situation took another turn for the better as Bitcoin jumped above $30,000 and is now even above $31,000.
Is the negative trend of bitcoin over?
With Bitcoin losing over $20,000 in two months, many community analysts are beginning to speculate whether the asset has finally found its bottom.
The most recent of these discussions touched upon the capitulation phase, which, according to CryptoQuant, has seen investors give up large portions of their Bitcoin holdings.
Read:Ripple CEO: The current collapse and downturn in the crypto market will pass too!
Analysts argue that markets tend to fall in such circumstances when investors dispose of their assets, even at a loss.
However, CryptoQuant warned that this sale could take weeks or even months to finish.
Read also:
Dubai grants temporary approval to “CryptoCom” to provide crypto services
The digital stablecoin USDC outperforms the USDT in May 2022…Here’s why!
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time