BItcoin Price Snaps its Longest Losing Streak in History
Well, hopefully the dark days of the past several weeks are over – we are currently seeing Bitcoin in the $31550 zone which has snapped the longest weekly losing streak in Bitcoin history
BTC price snaps its longest losing streak in history — 5 things to know in Bitcoin this week
“Bitcoin (BTC) starts a new week with some fresh hope for hodlers after halting what has been the longest weekly downtrend in its history.
After battling for support throughout the weekend, BTC/USD ultimately found its footing to close out the week at $29,900 — $450 higher than last Sunday.
The bullish momentum did not stop there, with the pair climbing through the night into June 6 to reach multi-day highs.
The price action provides some long-awaited relief to bulls, but Bitcoin is far from out of the woods at the start of what promises to be an interesting trading week.
The culmination will likely be United States inflation data, this itself a yardstick for the macroeconomic forces at world globally. As time goes on, the impact of anti-COVID policies, geopolitical tensions and supply shortages is becoming all the more apparent.
Risk assets remain an unlikely bet for many, as central bank monetary tightening is seen to be apt to pressure stocks and crypto alike going forward.
Bitcoin’s network fundamentals, meanwhile, continue to adapt to the surrounding reality and its impact on network participants.”
