Bitcoin has now had 7 consecutive each day inexperienced candle closes this month. There have been a few 7 consecutive each day candle closes. However thus far there was no eight. The final time there have been 8 consecutive each day candle closes, bitcoin worth noticed a worth run-up that noticed the value shifting out of the $20,000 worth vary into the $30,000.
BTC worth actions after 8 consecutive each 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 petering 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 point out fascinating 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 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 well from the continual dips which were skilled out there.
Proper now, bitcoin actions proceed to point out 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 complete 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 accordance with Quick Cash’s Brian Kelly, this was principally as a result of a mix of things. And never only one rumor circulating across the e-commerce large.
Huge quantities of brief squeezes in the course of the weekend, a time when the market is normally much less liquid than regular, 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 would possibly inform a unique story.
This may probably 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 observe to a rally that sees the market hitting new all-time highs. Bitcoin may very well be poised to interrupt its $64K report following one other bull run.
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Particular person and institutional traders alike proceed to remain bullish on the digital asset. Traders who’ve by no means been concerned in cryptocurrencies are exhibiting extra curiosity. A Gallup ballot confirmed that the variety of traders who had been holding bitcoin had now tripled since 2018. And in that timeframe, the variety of traders who had been involved in digital belongings has now gone up.
Featured picture from Bitsgap, charts from Twitter and TradingView.com