Bitcoin is on the verge of marking its first weekly green candle in roughly two months, thus breaking its longest negative streak.
In an attempt to break free from $30,000, Bitcoin is heading for its first green week after a devastating nine weeks in the red/winter market.
Bitcoin continues its ongoing struggle to advance and has risen above the $30,000 level after its nine-week-long negative weekly streak. Having languished below $30,000 over the weekend, it has gained a 5.63% rise to $31,396.10 as of 9:48 am Monday, June 6. At the same time, some Altcoins also picked the pace with the largest cryptocurrency and have also regained impressive recoveries today.
Cryptocurrencies such as Ether rose 5.91%, Cardano, XRP, BUSD, and Solana advanced 12.80%, 3.16%, 0.21%, and 11.76%, respectively, as of Monday.
Bitcoin to Break The Negative Weekly Streak and Advance past $30,000
Start of March 2022, when BTC has advanced by more than $10,000 in 14 days before the month. The asset began retracement, which is later known as the longest retracement of the cryptocurrency.
At the start of May, Bitcoin had already equaled a record of 6 consecutive red candle weeks before its recent upturn, which broke it and registered its 9th last week. Within this long retracement period, Bitcoin has already lost more than $20,000 of its value.
According to Coinmarketcap, BTC closed last week Friday at $29,250, at which point it bounced off and even jumped to over $32,000 during the weekend. However, on Sunday, it returned to below $30,000 and has returned to over $32,000.
Katie Stockton, founder and managing partner of Fairlead Strategies, an independent technical analysis research firm, discusses the outlook for crypto. Bitcoin is down almost 30% from its record high of near $69,000 set about a month ago pic.twitter.com/UToYtEoVdE— Bloomberg Crypto (@crypto) December 16, 2021
Nevertheless, it is still a few thousand dollars over $30,000, meaning that it’s on the verge of totally breaking the negative streak and returning to an upward movement in its price.
Now, sitting close to $30,000 means that BTC’s market cap moves to $590 billion, while its dominance over the alts is above 46%.
Katie Stockton, the co-founder of Fairlead Strategies, wrote on Friday, “Bitcoin has stabilized over the past few weeks on improved short-term momentum.” She noted that BTC is expected to have a short-term counter-trend buying signal that technical analysts spotted, “increasing the probability of a more pronounced oversold bounce. We assume the 50-day moving average will provide resistance.”
In recent months, Bitcoin and the rest of the cryptocurrency complex have struggled as the Federal Reserve hikes interest rates and risky assets like tech stocks have fallen back. The collapse of the Terra/Luna ecosystem further undermined confidence in the space.
SOL and AVAX Massive Rise
The altcoins picked pace with BTC’s rise lately, and Ethereum slipped from $2,000 to just a little above $1,900. As of today, the second-largest crypto has neared the latter, following a minor daily increase of 6.50%. BNB sits at a similar position today, a little above $300.
Cardano, Ripple, and TRON have seen insignificant daily gains while Dogecoin, Polkadot, and Shiba Inu are also with minor increases.
Solana and Avalanche are the best performers from the larger-cap alts. SOL is up by 11.39% in a day to almost $45, while AVAX trades at $26.85 following a 10.11% surge.
The crypto market cap has remained calm at just over $1.2 trillion.