Bitcoin has now had 7 consecutive every day inexperienced candle closes this month. There have been a few 7 consecutive every day candle closes. However to this point there was no eight. The final time there have been 8 consecutive every day candle closes, bitcoin worth noticed a worth run-up that noticed the value transferring out of the $20,000 worth vary into the $30,000.
BTC worth actions after 8 consecutive every day candlesticks | Supply: 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 truly fizzling out in January. Exhibiting a really The market continues to look at to see what occurs if bitcoin does hit these 8 consecutive candle closes.
Bitcoin Value 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, shedding over 3% 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 wrestle to get better from the continual dips which were skilled available in the market.
Proper now, bitcoin actions proceed to indicate bullish indicators, as bulls proceed to keep up a maintain on the value. 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 | Supply: Market Cap BTC on TradingView.com
The actions have been attributed to circulating rumors of Amazon’s crypto integration. However in keeping with Quick Cash’s Brian Kelly, this was principally resulting from a mixture of things. And never only one rumor circulating across the e-commerce large.
Huge quantities of brief squeezes throughout the weekend, a time when the market is often much less liquid than common, noticed the value of the asset shoot up. And brief positions over $1 billion had 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 likely to be imminent. The market was thought to have already arrived in a bear market. However the present worth surges may inform a special story.
This may most definitely imply that the bull market was not over as was thought earlier than. As a result of if bitcoin sees 8 consecutive inexperienced closes and historical past is something to go by, then the digital asset is likely to be on monitor to a rally that sees the market hitting new all-time highs. Bitcoin might be poised to interrupt its $64K document following one other bull run.
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Particular person and institutional buyers alike proceed to remain bullish on the digital asset. Traders who’ve by no means been concerned in cryptocurrencies are displaying extra curiosity. A Gallup ballot confirmed that the variety of buyers who had been holding bitcoin had now tripled since 2018. And in that time-frame, the variety of buyers who had been involved in digital belongings has now gone up.
Featured picture from Bitsgap, charts from Twitter and TradingView.com