Bitcoin Records Its Longest Bearish Streak Since Early 2015
Categories: Crypto News US
The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.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. The cryptocurrency market was hit hard by the massive collapse of Terra, one of the biggest blockchain projects.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.