This week, Bitcoin (BTC) made history when it recorded its eighth consecutive weekly red close. The first of its kind, this streak solidified one of the worst downtrends ever recorded. So, can Bitcoin close the 9th weekly red candle?
Bitcoin heading to the ninth red close?
With BTC still trading well below $30,000, it’s not hard to guess that it could close the week in the red as well. If it does, it will break its previous record as it plunges the market into even worse downtrends. A nine-week close will prove that the bulls have essentially relinquished control of the market, meaning that the bears have room to push the market further down.
What do the indicators say for BTC?
Staying above the 50-day moving average has always been a bullish indicator for Bitcoin. Therefore, the current trading value of the cryptocurrency does not mean good news for him. For example, Bitcoin is more than $9,000 below its 50-day moving average. To strengthen a rebound trend, it will not only need to break above this point, but it will also need to form significant support above the $40,000 level. Bitcoin needs to rise 37% to achieve this.
While not outside of this area of possibility, foreign currency inflows suggest that this is unlikely to happen. In the last 24 hours alone, BTC stock market inflows and outflows have exceeded $7.5 million, indicating that the selling trend continues to strengthen. If this selling trend cannot be stopped and turned into an accumulation trend, a 37% recovery for Bitcoin is out of the picture, according to analysts. Combined with the extreme dread in the market, BTC is more likely to touch below $25,000 before establishing support above $40,000.
As we quoted as Kriptokoin.com, investment giant JPMorgan said that the real value of the leading cryptocurrency is $ 38,000. The company also includes Bitcoin on its list of “alternative investments”. Regardless, considering that Bitcoin is trading below $30,000, it will take some time to reach these levels.
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