Bitcoin (BTC) Price Started 182 Percent Bull Run After This Bullish Setup in 2019

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Mon, 05/04/2020 - 05:59
Alex Dovbnya
The Bitcoin (BTC) price slumps four percent after posting seven back-to-back green candles on the weekly chart
Cover image via stock.adobe.com
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The Bitcoin (BTC) price has just finished its seventh consecutive week in the green. Last time this happened, the crypto king rallied by 182 percent in the span of 11 weeks.

image by tradingview.com

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Taking a breather

After fully recovering from the gargantuan price drop in March, BTC has so far struggled to gain footing above the $9,000 level as Vegatta memes get out of control.

With Bitcoin plunging more than four percent to $8,528, this week is already off to an underwhelming start. That said, BTC was due for a respite after such a strong advance. 

Back in April 2019, BTC ended its streak of seven green weekly candles with a long-legged Doji. The candle, which usually signals indecision, was followed by a massive percent bull run. 

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Stock futures fall

Bitcoin’s four percent drop coincided with U.S. stock futures opening sharply lower. E-mini Dow futures have so far retreated 0.88 percent or 207 basis points.

Notably, Bitcoin surged above $9,000 May 1 despite a red day on Wall Street, but it appears that Bitcoin is yet to decouple from the equity market. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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