Bitcoin records its longest bearish streak since early 2015

Alex Dovbnya

Bitcoin Pressed Seven Weekly Red Candles in a Row

Bitcoin, the world’s largest cryptocurrency, has recorded its longest bearish streak since early 2015.

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The crypto king has now registered seven consecutive red candles on the weekly chart.

The last time this happened, Bitcoin traded for just $220 in January 2015.

As reported by U.Today, the top cryptocurrency recently plunged to the $25,000 level for the first time since December 2020, following a brutal sell-off.

The cryptocurrency market was hit hard by the massive collapse of Terra, one of the largest blockchain projects.

A relief rally in the offing?

It’s worth noting that the Relative Strength Index (RSI), which traders use to track market sentiment, hasn’t been this oversold since the pandemic-driven market crash that happened in March.

if noted by anonymous market analyst IncomeSharks, Bitcoin could print a green candle due to the massive sell-off volume recorded last week. The trader expects the largest cryptocurrency to see a relief rally as the dollar index (DXY) calms down after hitting its highest level in decades.

At the time of going to press, Bitcoin is changing hands for $30,379 on the Bitstamp exchange.

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