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.

Image by twitter.com

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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