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Bitcoin Records Its Longest Bearish Streak Since Early 2015

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Mon, 05/16/2022 - 06:00
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Alex Dovbnya
Bitcoin has printed seven weekly red candles in a row
Bitcoin Records Its Longest Bearish Streak Since Early 2015
Cover image via stock.adobe.com

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Bitcoin, the world’s largest cryptocurrency, has recorded its longest bearish streak since early 2015.

BTC
Image by twitter.com

The crypto king has now logged seven consecutive red candles on the weekly chart.

The last time this happened, Bitcoin was trading at just $220 in January 2015.

As reported by U.Today, the top cryptocurrency recently plunged to the $25,000 level for the first time since December 2020 after a brutal sell-off.

The cryptocurrency market was hit hard by the massive collapse of Terra, one of the biggest blockchain projects.

A relief rally in the cards?

It is worth noting that the Relative Strength Index (RSI), which is used by traders to monitor market sentiment, hasn’t been that oversold since the pandemic-induced market crash that took place in March.

As noted by anonymous market analyst IncomeSharks, Bitcoin might print a green candle due to the massive sell-off volume that was recorded last week. The trader expects the largest cryptocurrency to see a relief rally if the dollar index (DXY) calms down after hitting the largest level in decades.

At press time, Bitcoin is changing hands at $30,379 on the Bitstamp exchange.

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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.