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Bitcoin Finally Ends Its Longest Bearish Streak

Mon, 06/06/2022 - 06:27
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Alex Dovbnya
Bitcoin, the world’s top cryptocurrency, has finally ended its bearish streak, but bulls are not out of the woods for now
Bitcoin Finally Ends Its Longest Bearish Streak
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Bitcoin, the largest cryptocurrency, has finally ended its worst bearish streak to date after scoring a green candle on its weekly chart.

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The flagship coin has narrowly avoided scoring the tenth consecutive candle in the red.  

The largest cryptocurrency is up 4.47% over the last 24 hours. It is currently trading at $31,189 on the Bitstamp exchange.  

Bitcoin is still down 32.5% since the start of the year, meaning that bears remain firmly in the driver’s seat.

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In the meantime, bearish market sentiment continues to persist. The Fear & Greed Index continues to show “extreme fear.”

As reported by U.Today, on-chain analysis shows that most short-term holders have now capitulated amid the most recent correction.

Bitcoin’s most recent price spike may still end up being a flash in the pan. On May 1, the largest cryptocurrency spiked to $32,375, the highest level in three weeks, but it ended up erasing its gains the following day and then came perilously close to scoring yet another week in the red.

As reported by U.Today, veteran trader Peter Brandt recently suggested that the price of Bitcoin could drop to as low as $12,000 during that bearish cycle.    

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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