{"id":491115,"date":"2022-05-23T23:00:16","date_gmt":"2022-05-23T23:00:16","guid":{"rendered":"https:\/\/ktsl888.com\/?p=491115"},"modified":"2024-06-11T14:20:04","modified_gmt":"2024-06-11T14:20:04","slug":"eight-consecutive-red-closes-is-bitcoin-headed-for-a-recovery","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/eight-consecutive-red-closes-is-bitcoin-headed-for-a-recovery\/","title":{"rendered":"Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?"},"content":{"rendered":"

Bitcoin for the past two months has been closing consecutive weeks in the red. The previous week had seen it close its seventh consecutive weekly candle for the first time in history, and although investors hoped that this would end with a reversal, the digital asset has gone on to mark another week in the red. This makes it the first time ever for bitcoin to see eight consecutive weekly closes, causing major panic among crypto investors.<\/p>\n

Eight Weeks Red Not Bad?<\/h2>\n

Normally when a large digital asset such as bitcoin is closing multiple weeks in the red, it points towards a massive bear market on the horizon. Now, it can be safely assumed that the crypto market has successfully made its way into the bear market. This has been the reason for the low and negative momentum among investors over the last couple of months. But with bitcoin closing so many weeks in the red, it is expected to get worse.<\/p>\n

Related Reading |\u00a0Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000<\/a><\/strong><\/em><\/p>\n

One thing that has been consistent when bitcoin has closed multiple weeks in the red has been the downtrend that has usually followed the market. Even though there are those who see this as a time to accumulate, the massive sell-offs triggered by these red closes have simply won out in the end. These types of consecutive negative weekly closes have become known as an unavoidable part of being in a bear market.<\/p>\n

\"Bitcoin<\/p>\n

BTC marks eight consecutive red close | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
However, the market has never seen anything like this. It would be natural to want to use historical context when something alarming occurs but with no point of reference, there is no way to tell where the market might go from here.\u00a0<\/span><\/p>\n
Bitcoin In For A Bear?<\/h2>\n
Even though there is no historical context to compare the current market conditions to, the opposite has happened before. Last year, bitcoin had recorded eight straight weeks of green closes<\/a>. What followed this was multiple bull rallies that saw the price of the digital asset eventually hit its all-time high of $69,000.<\/p>\n
If this were to be taken and compared to current market conditions, with the eight consecutive red closes, the digital asset is likely in for multiple dips and crashes that will likely send it back into the $20,000 territory. So it is very likely that the bottom of the market is not as many would like to believe.<\/p>\n
Related Reading |\u00a0MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals<\/a><\/strong><\/em><\/p>\n
There are indicators that suggest otherwise though, such as bitcoin trading above its 5-day moving average. But this is only a good indicator for the shorter term as longer-term indicators remain bearish.<\/p>\n
Small investors are also picking up the pace when it comes to accumulating BTC. The number of Bitcoin wallets with more than 1 BTC on their balance had recently touched a new high, now sitting at 844,906. While this points to positive sentiment among these investors, in the grand scheme of things, these smaller investors hold too little to actually move the market. So if there is to be any recovery, the digital asset would need some movement from larger holders.<\/p>\n
Featured image from Unsplash, chart from TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin for the past two months has been closing consecutive weeks in the red. The previous week had seen it close its seventh consecutive weekly candle for the first time in history, and although investors hoped that this would end with a reversal, the digital asset has gone on to mark another week in the red. This makes it the first time ever for bitcoin to see eight consecutive weekly closes, causing major panic among crypto investors. Eight Weeks Red Not Bad? Normally when a large digital asset such as bitcoin is closing multiple weeks in the red, it points towards a massive bear market on the horizon. Now, it can be safely assumed that the crypto market has successfully made its way into the bear market. This has been the reason for the low and negative momentum among investors over the last couple of months. But with bitcoin closing so many weeks in the red, it is expected to get worse. Related Reading |\u00a0Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000 One thing that has been consistent when bitcoin has closed multiple weeks in the red has been the downtrend that has usually followed the market. Even though there are those who see this as a time to accumulate, the massive sell-offs triggered by these red closes have simply won out in the end. These types of consecutive negative weekly closes have become known as an unavoidable part of being in a bear market. BTC marks eight consecutive red close | Source: BTCUSD on TradingView.com However, the market has never seen anything like this. It would be natural to want to use historical context when something alarming occurs but with no point of reference, there is no way to tell where the market might go from here.\u00a0 Bitcoin In For A Bear? Even though there is no historical context to compare the current market conditions to, the opposite has happened before. Last year, bitcoin had recorded eight straight weeks of green closes. What followed this was multiple bull rallies that saw the price of the digital asset eventually hit its all-time high of $69,000. If this were to be taken and compared to current market conditions, with the eight consecutive red closes, the digital asset is likely in for multiple dips and crashes that will likely send it back into the $20,000 territory. So it is very likely that the bottom of the market is not as many would like to believe. Related Reading |\u00a0MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals There are indicators that suggest otherwise though, such as bitcoin trading above its 5-day moving average. But this is only a good indicator for the shorter term as longer-term indicators remain bearish. Small investors are also picking up the pace when it comes to accumulating BTC. The number of Bitcoin wallets with more than 1 BTC on their balance had recently touched a new high, now sitting at 844,906. While this points to positive sentiment among these investors, in the grand scheme of things, these smaller investors hold too little to actually move the market. So if there is to be any recovery, the digital asset would need some movement from larger holders. Featured image from Unsplash, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026\u00a0<\/p>\n","protected":false},"author":541,"featured_media":491120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,13790,679,1119,1144,78790],"class_list":["post-491115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bear","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nEight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?<\/title>\n<meta name=\"description\" content=\"Bitcoin for the past two months has been closing consecutive weeks in the red. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?","url":"http:\/\/ktsl888.com\/news\/eight-consecutive-red-closes-is-bitcoin-headed-for-a-recovery\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/eight-consecutive-red-closes-is-bitcoin-headed-for-a-recovery\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/05\/bitcoin-7.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/05\/bitcoin-7.jpeg?fit=1000%2C668"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bear","bitcoin price","btc","btcusd","btcusdt"],"dateCreated":"2022-05-23T23:00:16Z","datePublished":"2022-05-23T23:00:16Z","dateModified":"2024-06-11T14:20:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/eight-consecutive-red-closes-is-bitcoin-headed-for-a-recovery\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/eight-consecutive-red-closes-is-bitcoin-headed-for-a-recovery\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/bitcoin-7.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/bitcoin-7.jpeg?fit=1000%2C668\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bear\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2022-05-23T23:00:16Z\",\"datePublished\":\"2022-05-23T23:00:16Z\",\"dateModified\":\"2024-06-11T14:20:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/05\/bitcoin-7.jpeg?fit=1000%2C668","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/491115"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=491115"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/491115\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/491120"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=491115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=491115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=491115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}