BTC Extended Record Streak Of Losses To Eight Weeks: Analysis

BTC extended record streak of losses to eight weeks, while before this, the record streak was six weeks back in 2014 so let’s read more about it in today’s latest Bitcoin news.

BTC extended record streak of losses for eight weeks now and set a record for the most consecutive losing weeks. Compared to May 16, the closing figure of $31,000, BTC closed at $30,287 according to the Bitstamp data. Today’s prices were about $29,375. before last week’s record seventh straight week of red candles, the previous mark for the consecutive losing week was six during the 2014 bear market. Back in 2014, it steadily fell from $507 to $323 from August 25 to October 6.

The negative streak started in late March from a new high of $46,900 on March 28 when terra announced it aims to buy $10 billion in BTC for the stablecoin reserves. With the Federal Reserve putting pressure on the monetary policy and the TerraUSD project collapsing entirely, Bitcoin’s price dropped by 38%. other coins were slammed as well so, besides LUNA’s collapse, Ethereum and Cardano are down 33% and 41% so the crypto-focused companies such as Block and Coinbase which thrive on digital assets, there were major declines in revenue from the fourth quarter 2021 and the first one in 2022.

The on-chain data indicated that BTC is in a bear market. Barry Jiang from the Huobi Research Institute said that he thinks BTC can still drop as low as $21,000 before signs of a rebound. Bitcoin’s Fear and Greed Index whcih is a combination of variables that measure market sentiment and gave a single-digit reading of 8 which is the lowest since the COVID crash in March 2020. others like Microstrategy CEO Michael Saylor said the companies hold more BTC than any other which seem less concerned. The new CFO Andrew Kang noted that the company has no plans of selling some of the reserves:

“There [isn’t] anything fundamental to Bitcoin that we believe presents any issues against our strategy.”

As recently reported, Bitcoin’s price tried an upside break above the key $30,500 resistance but failed to gain more power for a clear move and corrected lower it is now down by 3% in a day and it is trading near the $29,300 while BTC is also down 2% in the week. Most major altcoins struggled near the clear key hurdles and ETH topped near $2080 and declined below $2000 while XRP could decline sharply if it stats trading below $0.40. ADA failed to stay above the $0.55 price range.