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Bitcoin closes its seventh weekly candle in red and records the longest descending line

Bitcoin closes its seventh weekly candle in red and records the longest descending line

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Answer Bitcoin closes its seventh weekly candle in red and records the longest descending line

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

The King of Crypto has now recorded seven consecutive red candles on the weekly chart.

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

We have previously discussed in the Arab Bitcoin the closing of the Bitcoin for six consecutive red weekly candles, so that the Bitcoin continues in the downward trend and closes the seventh in red as well.

The largest cryptocurrency recently fell 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 the Terra crypto project, which was one of the biggest blockchain projects.

Read:Find out when Hedera Hashgraph will be listed on the OKEx platform

Will bitcoin bounce or keep falling?

A difficult question and the answer to it is more difficult given the current situation of geopolitical tensions, economic policies trying to curb inflation and a record rise in the DXY dollar index.

It is worth noting that the Relative Strength Index (RSI), which traders use to monitor market sentiment, has not been oversold since the market crash during the pandemic that occurred in March.

Anonymous market analyst IncomeSharks also noted that Bitcoin earlier hit a green candle due to a lack of massive selling volume recorded last week.

A trader expects the largest cryptocurrency to see a comfortable rally if the Dollar Index (DXY) calms down after hitting its biggest level in decades.

At press time, Bitcoin is trading at $29,500 according to coinmarketcap with a total market capitalization of over $560 billion.

Read:Terra Founder Denies Transferring Bitcoin to His Private Wallet

Read also:

A cryptocurrency trader has been sentenced to prison for fraud and theft of $5 million

Binance CEO Explains Binance’s Position on Terra LUNA


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