Bitcoin rebounded above $30K after recording 9 consecutive weeks of losses and negative closes
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Answer Bitcoin rebounded above $30K after recording 9 consecutive weeks of losses and negative closes
For the ninth time in a row, the largest cryptocurrency Bitcoin recorded a weekly close with a red candle, extending its record losing streak.
Bitcoin closed the week down 2.70% to trade at $29,448 on crypto exchange Bitstamp.
Bitcoin is down 37.24% in about two months.
While with the start of the new week, Bitcoin showed a bounce and rally above the $30K level, making it a promising opportunity for bulls, as Bitcoin added more than 4% overnight.
The cryptocurrency peaked at $30,884 before easing back slightly to the $30,500 level.
Last week, the cryptocurrency market remained weak despite the stock market rally and recovery.
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The Nasdaq, which tends to trade tightly with bitcoin, managed to post its best week since November 2020 and put an end to its seven-week losing streak, rising more than 6%.
Inflation appears to have peaked, paving the way for the recent rally in stocks.
The widely tracked PCE price index slowed to 6.3% in April from 6.6% in March.
It is worth noting that more data is still needed to confirm the trend.
While there are increasing signs of slowing inflation, it is still well above the desired 2% level, which is why the Fed is likely to continue raising interest rates throughout the remainder of the year.
Has Bitcoin Reached the Bottom?
Ki Young Joo, CEO of cryptocurrency analytics platform CryptoQuant, sees Bitcoin as close to the bottom.
Analyst Ki-young told CNN that it is very clear that Bitcoin is in another accretion phase even though the macro is not good.
Mike Novogratz, who is known to be bullish on Bitcoin and cryptocurrency, predicts that Bitcoin will lead the next rally.
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