Bitcoin Heads for Ninth Consecutive Red Weekly Candle

Key Takeaways

  • Bitcoin is about to shut its ninth consecutive purple 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. 

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

Bitcoin Looks Oversold But Lacks Support

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

Bitcoin is about to make a brand new file by closing its ninth consecutive purple 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 harm to traders’ confidence introduced on by  Terra’s LUNA and UST dying spiral has been too nice to beat. Although Terraform Labs efficiently airdropped new LUNA tokens to earlier LUNA and UST holders, it has finished little to enhance market sentiment. The Fear and Greed Index is at its lowest ranges whereas buying and selling volumes throughout the board proceed to dry up.

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

Source: 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 had been the case, BTC must regain $31,000 as assist as quickly as potential to be able to lure traders again into the market. Overcoming such a tough hurdle may generate a spike in shopping for stress that might ship costs towards $34,700.

Disclosure: At the time of writing, the creator of this characteristic owned BTC and ETH.

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