Bitcoin records nine-week record low streak
- May 30, 2022
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The price of the first cryptocurrency fell for the first time in history for the first nine weeks in a row. Prior to this, the record streak did
The price of the first cryptocurrency fell for the first time in history for the first nine weeks in a row. Prior to this, the record streak did not exceed seven weeks.
As many have pointed out, it looks like the Bitcoin price will drop for 9 weeks in a row. Largest ever number of consecutive week-to-week declines
The previous high was 7 weeks and ended on January 12, 2015
There are also 3 periods of 6 weeks in weekly consecutive price drops.
— BitMEX Research (@BitMEXResearch) May 29, 2022
According to BitMEX Research observations, six weekly red candlestick waves were observed three times in a row.
From March 21 to May 29, Bitcoin fell 37.2% – from $46,864 to $29,449 (Bitstamp data). At the time of this writing, the asset is trading at $30,585.
The main driver of the negative dynamics was the expectation that the Fed’s policy would be tightened. During the month of May, the collapse of the Terra ecosystem put additional pressure. The events resulted in an increase in the rate of decline of the cryptocurrency market compared to the Nasdaq index. At the end of April, the correlation with the stock indicator reached record levels.
Recall that JPMorgan analysts called the fair price of bitcoin $38,000.
Guggenheim Partners investment director Scott Minerd and critic of the first cryptocurrency Peter Schiff allowed digital gold prices to drop to $8,000.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
