Bitcoin has now had 7 consecutive every day inexperienced candle closures this month. There have been some 7 consecutive every day candle closures. However to date there have not been eight. The final time there have been 8 consecutive every day candle closings, the worth of bitcoin noticed a worth improve that noticed the worth drop from the $ 20,000 worth vary to $ 30,000.
BTC worth actions after 8 consecutive every day candlesticks | Supply: Twitter
The chart above depicts the motion of the market the final time this occurred. The ramp-up began final yr in 2020 and continued into 2021 earlier than working out of steam in January. The market continues to observe what occurs if bitcoin hits these 8 consecutive closes.
Bitcoin worth actions
This week continues to point out some attention-grabbing worth actions within the digital asset. The tip of the weekend ushered in a bullish race for bitcoin that noticed the coin’s worth add greater than $ 5,000 to its worth within the span of a day.
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Bitcoin had misplaced momentum after that run, shedding greater than 3% to fall again from its place of $ 39,000, within the territory of $ 37,000. However has since picked up that momentum, now buying and selling at over $ 40,000 on the time of writing. That is the primary time that property have exceeded $ 40,000 prior to now month. After a month-long battle to recuperate from continued market declines.
Proper now, bitcoin’s actions proceed to point out bullish indicators because the bulls proceed to carry the worth. Throughout that week, the digital asset added greater than $ 100 billion to its market capitalization, bringing its complete to over $ 750 billion.
BTC market cap provides over $100 in three days | Supply: Market Cap BTC on TradingView.com
The strikes have been attributed to rumors circulating concerning the integration of Amazon’s crypto. However based on Quick Cash’s Brian Kelly, this was primarily resulting from a mix of things. And never only one rumor circulating across the e-commerce big.
Huge quantities of quick cutbacks over the weekend, a time when the market is usually much less liquid than standard, noticed the worth of the asset rise. And quick positions over $ 1 billion had been liquidated inside a day.
The place does Bitcoin go from right here?
With the present strikes, with bitcoin closing inexperienced final week, this continues to sign that one other bullish rally might be imminent. It was believed that the market had already entered a bear market. However the present worth spikes might inform a distinct story.
This may almost definitely imply that the bull market was not over as beforehand thought. As a result of if bitcoin sees 8 consecutive inexperienced shutdowns and historical past is one thing to do, then the digital asset might be heading in the right direction for a rally that may see the market hit new all-time highs. Bitcoin might be on the verge of breaking its all-time excessive of $ 64,000 after one other bull run.
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Particular person and institutional buyers proceed to stay bullish on the digital asset. Buyers who’ve by no means been concerned in cryptocurrencies present extra curiosity. A Gallup ballot confirmed that the variety of buyers who held bitcoin has now tripled since 2018. And through that point, the variety of buyers excited by digital property has now grown.
Featured picture from Bitsgap, charts from Twitter and TradingView.com