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Bitcoin is close to closing its first green week after 9 weekly closes in red

Bitcoin is close to closing its first green week after 9 weekly closes in red

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Answer Bitcoin is close to closing its first green week after 9 weekly closes in red

Although the bitcoin price continues to struggle and stay below $30,000, the larger cryptocurrency has in fact broken its negative weekly streak for nine straight weeks and is approaching a green weekly close at the end of the day.

Meanwhile, some altcoins, such as Solana and Avalanche, recorded an impressive recovery today.

Bitcoin stops the continuation of the negative weekly streak:

After the end of March 2022, the price of Bitcoin rose by more than $10,000 in just 14 days, since then the direction of the Bitcoin price changed to record the longest negative retracement in terms of weekly candles.

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At the beginning of May, Bitcoin equaled the previous record of 6 consecutive red candles before breaking it and hitting its ninth number last week.

During this time frame, bitcoin lost nearly $20,000 in value and fell to its lowest level in a year and a half.

Bitcoin closed last week at $29,250, at which point it rebounded until it jumped over $32,000.

Despite its rebound, it failed and is trading at less than $30,000 so far.

Bitcoin staying near the $30,000 level now means that the market cap is still around $565 billion, while the dominance of bitcoin over altcoins is over 46%.

SOL and AVAX coins lead the way:

Altcoins have recently imitated the performance of Bitcoin, and Ethereum has fallen from over $2000 to below $1,800.

Currently, the second largest cryptocurrency is approaching the $1800 level, after a slight daily increase.

The digital currency BNB is sitting in a similar position to what it was yesterday, near $300.

Solana and Avalanche are the top performers among the cryptocurrencies with the largest market capitalization.

SOL is up 5% in one day to nearly $40, while AVAX is trading at $25 after a 7% rally.

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The cryptocurrency market cap has remained fairly quiet, at just over $1.2 trillion.

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