Bitcoin is about to close a nine consecutive negative week as the market failed to produce sustainable movements on either side while still trading sideways so let’s read more today in our latest Bitcoin news.
The market failed to recover in the past week and on the contrary, it saw more losses. As it stands at the time of writing, Bitcoin is about to close a nine consecutive week close in the red. In the first for BTC, the price continues to drop for what seems likely to be the 9th week in a row so there are a few hours left where things could take a turn in the opposite direction but judging from the past few days, it seems this is an unlikely scenario.
Bitcoin’s price is trading at $29,000 or up by 0.6% on the day but then down by 1.3% on the week. It has been seven days of sideways actions, punching down on the market. The weekly open is at $30,264 more than 4% of the current price. In the meantime, Bitcoin’s fear and greed index continued to be in a state of extreme fear. Most of the altcoins are falt for the day and at the time of writing, most of them are charting bigger gains. EVMOS became the biggest gainers for the past day or up by 26% followed by AVAX’s 13%. On the other hand, the coin that crashed the most was Luna Classic or down by 36% after terra 2.0 launched yesterday.
Every BTC investor is searching for signals that the market is approaching a bottom but the price action of the week suggested that we are not there yet. The evidence of this can be found by looking at the monthly returns for BTC which was hit with a strong decline and became one of the biggest drawdowns in monthly returns for the asset class as per the most recent Blockware Solutions Market Intelligence Newsletter. Bitcoin indicators flash buy signals but the coin continues to trade within an increasingly narrow trading range which is being compressed to the downside with the global economic strains mounting.
Whether the price continues to trend lower is a popular topic of debate among crypto analysts and the main opinion points to further downside. The analysts will stay bearish until $45,000 is reclaimed.
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