The series was over sometime! So there will be no tenth consecutive week of decline for Bitcoin. This Sunday, Bitcoin ended a 9-week streak of red candles, which was a sad record for the mother of cryptocurrencies. But then, if the recovery is timed, can a recovery begin? This is what we will try to determine!
Bitcoin ends 9 weeks decline!
Week after week there was the same story: Bitcoin was posting losses and accumulating a collection of red candles. As can be seen from the following chart, which is accessible from the Tradingview platform:
This Sunday, the dynamics were so broken. With a fairly flat green candle that was at least worthwhile stop the bleeding. And for many, that’s the biggest thing. Because over the last 9 weeks, the price of Bitcoin has lost more than 40% of its value. Compared to the highest level ever recorded last November and close to $ 70,000, BTC is posting losses of about 55%.
What is the impact on the price of Bitcoin?
This news carried the price of Bitcoin on the session of the day. As the graph below shows:
Shortly after 2 am (French time), the price of Bitcoin rose sharply: + $ 1,300 in just 3 hours. However, this “pump” phase has yet to be sworn. In fact, it would be longer until the start of a new week than had been observed the week before. In fact, similar pumps have already happened early in the new week, as Bitcoin entered a bearish phase.
As of this writing, Bitcoin alone is trading at $ 31,441, up 6.14% over the past 24 hours.
Should we see a trend reversal?
It is obviously too early to be able to say anything. Since mid-May, the Bitcoin price seems to be trending. For some people, this may be a sign of a bullish reversal imminent and others anticipate the opposite of movement. And an inevitable fall towards $ 20,000 to “clear the market”.
Anyway, if we refer to the technical analysis, there seem to be some encouraging indicators. For example, Bitcoin recently crossed above the 200-day exponential moving average, which might suggest that the low point is hit.
For its part, market sentiment rose slightly on Monday as set at 13/100. Extreme Fear. If today’s session confirms the rise, it could come back higher tomorrow. In the long run, opinions on Bitcoin are quite positive. This level of 31,000 dollars could be a very interesting entry point.
By investing your money, you run the risk of losing it.
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