Bitcoin Price Quietly Posts Seven Consecutive Week of Gains after a Year and a Half Down
After seeing significant gains the entire last week, Bitcoin has been posting gains for seven consecutive weeks now that was last registered during September and October 2017. Currently, Bitcoin is trading at $5,227 today with a market cap of $92.19 billion.
Live Bitcoin (BTC) Price:
1 BTC/USD =$26,557.9639 change ~ 0.21%
The Biggest Green Candle In A Year
In November Bitcoin took a drastic drop that saw the leading cryptocurrency declining from $6k to the yearly lowest at $3,200 in December 2018. The last week of December registered a green weekly candle only to have a series of red and green mix candles till January end.
Moving into the month of February, Bitcoin started turning green but the mid of February has been a red candle. Since then, Bitcoin has only seen green candles that marked seven consecutive weeks of gains for the top cryptocurrency.
It started around $3,660 in late February to slowly make its way upwards each week. The last week registered the biggest green candle of about $1000 in a year. In April last year, when Bitcoin surged more than $1000 that is from $7,100 to around $8,300, was the biggest green candle.
BTC/USD, Source: TradingView
This seventh consecutive weeks of greens have been posted by Bitcoin in over a year and a half. During the period of mid-September to late October 2017, Bitcoin registered exactly seven consecutive weeks of gains where it went from $3,700 to $7,300.
If the flagship cryptocurrency manages to break another green candle this week, it would be exactly after two years that Bitcoin would be having eight successive weeks of gains as it was last posted during the period of April and June 2017.
However, today Bitcoin has turned red as at the time of writing, BTC has been trading at $5,217 with 24-hours loss of 1.08 percent, as per the data provided by Coinmarketcap. In tandem with Bitcoin, the majority of the market has also turned red with the top cryptos losing between the range of 2 to 6 percent.
After hitting the peak at $185 billion, the total market cap has lost $6 billion and fallen below $180 billion marks to $179 billion.
With a pullback expected from Bitcoin at this stage back to the $4k range, we would be seeing a bit more red before the market sees an upward move again.