Bitcoin has closed daily for 7 consecutive times this month. There have been 7 consecutive daily closings. But so far, there are no eight. When the market closed for 8 consecutive days last time, the price of Bitcoin rose from a price range of US$20,000 to US$30,000.
BTC price movements after 8 consecutive daily candlesticks | Source: Twitter
The above chart outlines the market movement the last time this happened. This growth started in 2020 last year, continued until 2021, and then gradually weakened in January. The market continues to observe what happens if Bitcoin does touch the closing price of those 8 consecutive candles.
Bitcoin price changes
This week continues to show interesting price trends for digital assets.After the weekend, Bitcoin ushered in a bull market coin The price increased by more than $5,000 in one day.
Related Reading | Bitcoin reaches a record high, market strategist
Bitcoin lost its momentum after this operation, Loss of more than 3% It fell back from its $39,000 position and returned to the $37,000 area. But this momentum has since regained, and at the time of writing this article is now trading at more than $40,000. This is the first time the asset has exceeded $40,000 in the past month. After a month of hard work, to recover from the continued decline experienced by the market.
Currently, Bitcoin trends continue to show bullish indicators as the bulls continue to keep prices unchanged. In the course of this week, the market value of digital assets has increased by more than 100 billion U.S. dollars, bringing its total market value to more than 750 billion U.S. dollars.
BTC market cap adds over $100 in three days | Source: Market Cap BTC on TradingView.com
These movements are attributed to the spread of rumors about Amazon’s encryption integration.But according to Brian Kelly, This is mainly due to a combination of many factors. It’s not just a rumor circulating around the e-commerce giant.
During the weekend, market liquidity is usually lower than usual. A large number of short squeezes cause asset prices to soar.And short positions More than $1 billion was liquidated In a day.
Where is Bitcoin going?
According to the current trend, Bitcoin has closed in green in the past week, which continues to indicate that another bullish rally may be coming.The market is considered to have arrived Bear market. But the current price spike may tell a different story.
This probably means that the bull market has not ended as previously thought. Because if Bitcoin closes in green for 8 consecutive times and history is passable, then digital assets may rebound and see the market hit a record high. After another bull market, Bitcoin may break its $64,000 record.
Both individual and institutional investors continue to be optimistic about digital assets. Investors who have never participated in cryptocurrency show more interest.A sort of Gallup Poll It shows that the number of investors holding Bitcoin has tripled since 2018. During that time period, the number of investors interested in digital assets has now increased.
Featured image from Bitsgap, charts from Twitter and TradingView.com