Bitcoin, which is currently trading at $18,575 on the Bitstamp exchange, seems to be on track for its second-highest weekly close in history.
What is more, if the bulls manage to reclaim the 2020 high of $18,977 within the remaining hours, they have a shot at scoring the highest candle on the weekly chart ever.
The last day of another stellar week for the world’s flagship currency started with a violent shakeout. BTC plunged to an intraday low of $17,600 before it bounced back to the $18,000 level within hours.
The bears would need to make Bitcoin plunge over 13 percent during the remaining part of the day for Bitcoin to close below its current second-highest weekly candle of $16,144 that was recorded in early January 2018. Considering the cryptocurrency’s swift recovery, such a scenario seems highly unlikely.
Alex DovbnyaAs of now, the crypto king is on pace to record its seventh consecutive green weekly candle as this rally refuses to take a pause. Every significant pullback has so far been very short-lasting since early November.
The last time Bitcoin scored seven weeks of gains in a row was in the first quarter of 2019, which was followed by a 170 percent rally in the following two months. When the bellwether crypto achieved a similar feat in late October 2017, it then printed a 20 percent red candle in early November.
Bitcoin’s dominance has dipped below the 64 percent level after the overnight revival of the XRP cryptocurrency.
Tomiwabold Olajide
Yuri Molchan
Dan Burgin
Vladislav Sopov