Bitcoin About to Close Its 9th Consecutive Negative Week (Market Watch) - Daily Bitcoin news

Bitcoin About to Close Its 9th Consecutive Negative Week (Market Watch)


The market failed to recover over the past seven days. On the contrary – it saw further losses. As it stands, at the time of this writing, Bitcoin’s price seems likely to chart its 9th consecutive weekly close in the red.

9 Weeks of Declines for BTC’s Price

In a first for Bitcoin, its price continues to decline for what seems likely to be the 9th week in a row. There are still a few hours where things might take a turn in the opposite direction but judging from the past couple of days, it seems like the less likely scenario.

At the time of this writing, BTC’s price is trading at around $29,000 – up 0.6% on the day but down 1.3% on the week. It’s been seven days full of sideways actions and slow declines, chopping the market up.

BTCUSD_2022-05-29_11-24-44
Source: Trading View

The weekly open is at $30,264 (on Bitstamp) – more than 4% away from the current price.

Meanwhile, Bitcoin’s fear and greed index continues to be in a state of “extreme fear.”

Altcoins Relatively Flat for the Day

The majority of altcoins are relatively flat for the day. At the time of this writing, most of them are charting insignificant gains.

img1_heatmap
Source: Quantify Crypto

EVMOS is the most considerable gainer for the past 24 hours – up 26%, followed by Avalanche’s AVAX – up 13%. On the other hand, the coin that lost the most is Luna Classic – down 36%. This is somewhat expected, given that Terra 2.0 launched yesterday.

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Cryptocurrency charts by TradingView.



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