For the First Time in 8 Years – 6 Consecutive Red Weekly Candles
The good thing is after this period of downward action, we should see a major upswing – the world is in turmoil but Bitcoin was built for times just like these
For the First Time in 8 Years: Bitcoin Marks 6 Consecutive Red Weekly Candles
Six Red Ones in a Row
“Let’s go back to the middle of March. The BTC landscape was not all that favorable as it struggled below $40,000. However, it all changed when the asset initiated two massive weekly leg ups that resulted in nearing $50,000.
The community was beginning to rejoice, the Fear and Greed Index went into “greed” territory for the first time in almost a year, and everything seemed to be blossoming.
Yet, what comes up must go down, as the saying goes. Bitcoin was not only halted in its tracks at the coveted $50,000 line but went into a negative streak that continues until this day – more than six weeks later.
As the chart below demonstrates, BTC has been freefalling since the end of March. Going down to $33,000 earlier today means that the asset has lost approximately $17,000. And it has closed with red weekly candles six times in a row for the first time since 2014.”