The rollercoaster of the previous seven days resulted in another weekly candle for bitcoin closing in the red. Since a result, the cryptocurrency made history this week, as it was the first time it closed in the red for seven weeks in a row.
Last week’s price declines resulted in bitcoin’s weekly closing falling for the sixth week in a row, a first for the asset in nearly eight years. The last seven days, though, have been considerably more brutal.
The worst trading day was May 12, when Bitcoin fell from just over $30,000 to $25,300, its lowest price since late December 2020.
Despite rebounding quickly and regaining thousands of dollars in a matter of days, the cryptocurrency ended the weekly candle lower than the previous one.
With seven successive candles in the red, it had created its longest bearish weekly stretch (on Bitstamp).
It’s worth noting that the fresh weekly candle, which began a few hours ago, is now red, but a lot can happen in the crypto markets in seven days.
Fear looms all over the Markets
With the aforementioned negative trend, the popular Dread and Greed Index is likely to have entered “severe fear” area. The metric uses a variety of data sources, such as polls, volatility, and social media comments. Inorder, to evaluate community opinion toward BTC. The scores range from zero to one hundred (extreme fear to extreme greed).
The graph below shows that the Index fell to its lowest point (severe dread). That’s, since the COVID-19 disaster over the weekend, indicating 9. Despite having recovered to above 10, the measure is still significantly below fear levels.
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