Bitcoin Is About To Close 8 Consecutive Week In Red

Bitcoin is about to close 8 consecutive weeks in red and is on the verge of another red weekly candle so let’s read more today in our latest Bitcoin news.

Despite challenging $30,000 a day ago at one point, Bitcoin was unable to overcome it and remain stuck below the line so most altcoins are now quite calm on a daily scale with some minor increase from the BNB and a bigger substantial jump from the NEAR protocol. Last week there was a highly emotional roller-coaster in which BTC slumped by ,000 at one point and hit ,300 so this week turned out to be calmer but the asset is on the verge of another weekly red candle.
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Back on May 16, the crypto spiked to a multi-day high of $31,000 and despite failing there, it took a swing the very next day but got rejected once again.

The retracement pushed it south below $29,000 but then the bulls stepped up again and drove it upwards by $2000. However, a familiar thing happened and BTC found itself dipping to $28,750 again. Since then, the asset remained below $30,000 and recovered only by a few hundred dollars so as such, the market cap sits still at $560 billion with the dominance over the altcoins at 44.5%. the altcoins remained calm with almost no movements from most. ETH lost the $2000 mark a day ago and sits below it as of now. Ripple and Avalanche are in the red while Cardano, Polkadot, Solana, and DOGE painted minor increases.

Binance Coin gained the most from the larger cap altcoins after a 3% jump and now BNB sits at a multi-day high of $315. NEAR protocol is up by 5.5% on a daily scale and remained $6 but The Sandbox and Theta are also in the green. The crypto market is calm as well and stands at $1.260 trillion.

As recently reported, Bitcoin retested $30K and Ether traded above $2000 while Ripple surges 6% on a daily scale which made it the biggest gainer among the larger-cap altcoins. After a few days below the $30,000 line, BTC jumped above it and challenged $31,000 earlier. Most of the altcoins are in the green today with XRP standing out as the biggest gainer. The crypto market hasn’t been in a bullish state for months but the situation got worse when BTC dumped by $15,000 at one point its lowest position since 2020 at $25,300.