Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close? - ADVFN

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Name	Symbol	Market	Market Cap ($)	Algorithm
Amp	AMPUSD	Crypto	409,172,670	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.000148	-1.99%	0.00729	0.00728	0.0073

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.00759	0.0072	0.00745	0.007438	0.001400 - 0.016850

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:46:45	9,780.00	0.00729	USD

Price x Volume	Volume	Base Symbol	Related Pairs
584,819.81	79,109,916.03	AMP	AMPEUR	AMPGBP	AMPBTC

Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?

28/05/2022 12:00am

NEWSBTC

This week, Bitcoin had made history when it recorded its eighth consecutive red weekly close. This first-of-its-kind streak had cemented the digital asset on one of the worst bearish trends that have ever been recorded. Now, even as the week runs towards another close, the cryptocurrency has not been able to make any considerable recovery, indicating that it may not be done with its bearish streak. Bitcoin Headed For A Ninth Red Close? With bitcoin still trading well below $30,000, it is no long shot to speculate that the digital asset may close out this week in the red too. If it does so, then it will break its previous record while plunging the market into even worse bearish trends. Nine consecutive weekly closes would prove that bulls have mainly relinquished control of the market, meaning the bears have the leeway to pull the market down further. Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle This combined with the increased interest rates from the Fed has left investors feeling warier about financial investments. Thus driving them towards more ‘stable’ investment options. With such money leaving the market, bitcoin possesses little chance of actually reversing the current trend. Even though bitcoin has been providing a safe haven from the altcoin bloodbath, it does not mean that the digital asset itself has not taken losses. NewsBTC reported that while bitcoin has been the best performer of all the indices, the cryptocurrency is still down 24% from the start of the month. This decline in price means that investors are still not as bullish on the pioneer cryptocurrency. BTC price falls to $28,000 | Source: BTCUSD on TradingView.com What The Indicators Say For bitcoin, maintaining above the 50-day moving average has always been a bullish indicator. This is why the current trading value of the cryptocurrency does not spell good news for it. For example, bitcoin is more than $9,000 below its 50-day moving average. To cement a recovery trend, it would not only have to move above this point but will need to establish significant support above the $40,000 level. This would mean that bitcoin would have to recover 37% to achieve this. Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000 While this is not outside the realm of possibility, exchange inflows show that it is very unlikely to happen. Over the last 24 hours alone, BTC exchange inflows have surpassed outflows by $7.5 million, showing that the sell-off trend continues to wax stronger. Unless this sell-off trend can be halted and turned into an accumulation trend, a 37% recovery remains out of the picture for bitcoin. Coupled with the extreme fear sentiment that is being experienced in the space, BTC is more likely to touch below $25,000 before establishing support above $40,000. Featured image from BBC, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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