Bitcoin has now had 7 consecutive day by day inexperienced candle closes this month. There have been a few 7 consecutive day by day candle closes. However to date there was no eight. The final time there have been eight consecutive day by day candle closes, bitcoin worth noticed a worth run-up that noticed the worth transferring out of the $20,000 worth vary into the $30,000.
BTC worth actions after eight consecutive day by day candlesticksSupply: Twitter
The chart above outlines the motion of the market the final time this occurred. The run-up had began final yr in 2020 and continued into 2021 earlier than petering out in January. Exhibiting a really The market continues to look at to see what occurs if bitcoin does hit these eight consecutive candle closes.
Bitcoin Worth Actions
This week continues to indicate attention-grabbing worth actions within the digital asset. The shut of the weekend ushered in a bullish run for bitcoin that noticed the coin worth including over $5,000 to its worth within the span of a day.
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Bitcoin had misplaced momentum following this run, dropping over three% to drop down from its $39,000 place, again into the $37,000 territory. However has since picked that momentum again up, now buying and selling at over $40,000 on the time of this writing. That is the primary time that the asset has gone above $40,000 previously month. Following a month-long battle to recuperate from the continual dips which were skilled out there.
Proper now, bitcoin actions proceed to indicate bullish indicators, as bulls proceed to take care of a maintain on the worth. Over the course of this week, the digital asset has added over $100 billion to its market cap, bringing its whole to over $750 billion.
BTC market cap provides over $100 in three days
The actions have been attributed to circulating rumors of Amazon’s crypto integration. However in accordance with Quick Cash’s Brian Kelly, this was largely on account of a mix of things. And never only one rumor circulating across the e-commerce large.
Huge quantities of brief squeezes through the weekend, a time when the market is normally much less liquid than normal, noticed the worth of the asset shoot up. And brief positions over $1 billion have been liquidated within the span of a day.
The place Does Bitcoin Go From Right here?
With the present actions, bitcoin closing inexperienced for the previous week, it continues to point that one other bullish rally is perhaps imminent. The market was thought to have already arrived in a bear market. However the present worth surges would possibly inform a special story.
This could probably imply that the bull market was not over as was thought earlier than. As a result of if bitcoin sees eight consecutive inexperienced closes and historical past is something to go by, then the digital asset is perhaps on observe to a rally that sees the market hitting new all-time highs. Bitcoin may very well be poised to interrupt its $64Ok file following one other bull run.
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Particular person and institutional buyers alike proceed to remain bullish on the digital asset. Buyers who’ve by no means been concerned in cryptocurrencies are exhibiting extra curiosity. A Gallup ballot confirmed that the variety of buyers who have been holding bitcoin had now tripled since 2018. And in that timeframe, the variety of buyers who have been thinking about digital belongings has now gone up.
I’m an experienced writer and commentator on all things cryptocurrency. I have been involved in the crypto community since early 2017 and have been writing about Bitcoin, Ethereum, and other digital assets since then. In addition to being a journalist, I have written two books on cryptocurrency investing: “Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond” (2017) and “The Art of Cryptoasset Investing” (2018). I’m a regular contributor to Forbes’ Cryptocurrency & Blockchain section, where I write news and analysis on the latest developments in the space.