Bitcoin closed the week strongly with a fourth consecutive inexperienced candle for the primary time since August 2021. 4 weeks of constructive momentum throughout a bear market is extraordinarily uncommon.
The final time printed 4 consecutive inexperienced candles throughout a bear market was through the COVID-19 crash restoration of Could 2020. Previous to that, any time 4 weekly candles closed inexperienced throughout a bear market, the underside of the cycle had already been made.
Nevertheless, following the weekly shut, Bitcoin did start a retracement, with the value down 3.6% from the native excessive as of press time.
Bitcoin soared to $24,000 over the weekend because it made a second try to interrupt the resistance stage which has held since August 2022. Nevertheless, as of press time, it has fallen to round $23,000, signaling a weekly purple candle.
Additional, the weekly candle additionally marked a better excessive on the chart as Bitcoin continues its upward momentum. The year-to-date chart beneath illustrates Bitcoin’s robust begin to 2023.
All through Bitcoin’s historical past, 4 inexperienced weekly candles have by no means been adopted by a brand new cycle low throughout comparable occasions within the having cycle. For instance, Jan 30 is 994 days for the reason that final halving in Could 2020, and former cycle lows got here after 994 days in 2015 and 889 days in 2018. The present cycle’s low got here 924 days after the final halving, which lies inside the historic vary.
Subsequently, both Bitcoin’s low this cycle has been and gone at $15,530, or that is the longest bear market in Bitcoin’s historical past. Furthermore, an unsure international macroeconomic surroundings looms over the monetary sector, with Bitcoin primed for its first take a look at of a probably deflationary world financial system.
On the time of press, Bitcoin is ranked #1 by market cap and the BTC worth is down 1.73% over the previous 24 hours. BTC has a market capitalization of $446.36 billion with a 24-hour buying and selling quantity of $26.74 billion. Be taught extra ›
BTCUSD Chart by TradingView
On the time of press, the worldwide cryptocurrency market is valued at at $1.05 trillion with a 24-hour quantity of $55.09 billion. Bitcoin dominance is presently at 42.50%. Be taught extra ›