Bitcoin Heads for Ninth Consecutive Pink Weekly Candle

Key Takeaways

  • Bitcoin is about to shut its ninth consecutive pink candle on the weekly chart.
  • BTC has misplaced greater than 22,800 factors in market worth over this era.  
  • Now, all of it is dependent upon whether or not BTC can maintain above $29,000. 

Bitcoin seems to be buying and selling at a make-or-break level as its future is dependent upon its capability to carry the $29,000 assist stage.

Bitcoin Appears Oversold However Lacks Help

The pioneer cryptocurrency is in a steep downtrend because it struggles to seek out assist.

Bitcoin is about to make a brand new document by closing its ninth consecutive pink candle on the weekly chart. The flagship cryptocurrency has shed greater than 22,800 factors in market worth since Mar. 28, going from a excessive of $48,222 to a low of $25,365. BTC nonetheless seems weak regardless of the numerous losses incurred.

The injury to traders’ confidence introduced on by  Terra’s LUNA and UST demise spiral has been too nice to beat. Though Terraform Labs efficiently airdropped new LUNA tokens to earlier LUNA and UST holders, it has carried out little to enhance market sentiment. The Concern and Greed Index is at its lowest ranges whereas buying and selling volumes throughout the board proceed to dry up.

Certainly, Bitcoin seems to be in a precarious place with traders exhibiting little curiosity. $29,000 has held as assist for 9 weeks, but when BTC have been to lose such an important foothold, a 22% downswing towards the 200-week transferring common at round $22,300 would probably materialize.

Supply: TradingView

The magnitude of the losses that Bitcoin has incurred over the past 9 weeks makes it affordable to counsel that it has reached oversold situations. If this have been the case, BTC must regain $31,000 as assist as quickly as doable with a purpose to lure traders again into the market. Overcoming such a troublesome hurdle would possibly generate a spike in shopping for stress that would ship costs towards $34,700.

Disclosure: On the time of writing, the writer of this function owned BTC and ETH.

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Bitcoin (BTC) $ 17,048.06
Ethereum (ETH) $ 1,263.46
Tether (USDT) $ 1.00
BNB (BNB) $ 293.15
USD Coin (USDC) $ 1.01
Binance USD (BUSD) $ 1.00
XRP (XRP) $ 0.393875
Dogecoin (DOGE) $ 0.102468
Cardano (ADA) $ 0.324660
Polygon (MATIC) $ 0.917852