BTC Retested Lowest Weekly Close Since February As Momentum Wanes

BTC retested the lowest weekly close since February as the prices dropped to their lowest levels with the momentum crashing and the bears rousing from their sixth-month hibernation as we can see more in our latest bitcoin price news.

The BTC price retested lowest levels since February and the last time that BTC dropped to these levels was at the end of February during the second major correction of the ongoing rally. The rebound off that bottom sent the prices above $60K for the first time in two weeks that followed. Later today, BTC went to close another weekly candle and in case the candle closes at these levels, this will become the worst close since February when the coin ended the week at $45,240 according to Bitstamp. Two weeks ago the weekly candle closed at $49,200 which marked the current week close since February.

$BTC Weekly Chart.

Warning signs or just basing for a move higher. Tick, tick, tick. If this chart was flipped upside down, how many would be calling for a bottom?#BTCUSDT #Bitcoin pic.twitter.com/C0OGSxXFr1

— CryptoFibonacci (@CryptoFib) May 15, 2021

This time around, things feel different and the bearish sentiment is returning to the crypto market. Since the all-time high of $65,000 and BTC made a lower high and has now formed a second lower low on the charts which is indicative of the larger downtrend developing. The analyst CryptoFibonnaci was eyeing the weekly charts which also suggests that the bulls will be running out of steam. The move seems to have been driven by Elon Musk with his tweet about bitcoin’s energy consumption. Bitcoin’s fear and greed index dropped to 20 which is extreme fear and its lowest level since March 2020 market crash. At the time of press, BTC was trading at under $48,000 marking a 4% drop over the past 24hours.

As usual, the move initiated a selloff for most cryptocurrencies which resulted in $150 billion exiting the markets over the past day or so. The total market cap dropped to $2.4 trillion after an all-time high of $2.5 trillion. Things are on the long-term view but losses could speed up if the bearish sentiment increases. Not all assets are now correcting over the weekend as some were building on the recent gains to push higher but they were few in number. The weekend warriors include Cardano which added 4.8% on the day to trade to $2.27. ADA hit an ATH over the weekend and reached $2.36, a gain of 54% over the past 30 days.

Ripple’s XRP is seeing a huge surge with a 13% pump on the day to filp Cardano for the fourth spot and now the coin traded at $1.58 with a market cap of $73 billion. The only other two crypto assets in the green at the time are Stellar and Solana, gaining 3.7% and 12% respectively.