- Bitcoin entered 9-week Red candles.
- Central African Republic president called Bitcoin is the “currency of the Universe”.
The king of the Crypto market Bitcoin (BTC) still bears haven’t yet left the ground and it crashed Bitcoin and setting a new 9th week of Red candle in a row.
Bitcoin closed the week in the red and its losing streak set a new nine weeks Red candles record. Until recently, in its trading history bitcoin has never gone over six weeks without a positive return.
Downtrend on Bitcoin
Current RSI of Bitcoin moving to an oversold trend so it may have a chance to enter the buy zone in the upcoming days.
Bitcoin faced its long-time Bear market in 2018 which recorded 365 days of downfall. In late 2021 again bears gained dominance and pushed the bulls to the dark shadows.
Recently a crypto analyst Bitcoin Archive tweeted that the Weekly RSI downtrend of Bitcoin is 139 days longer than the 2018 Bear Market.
#Bitcoin Weekly RSI
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) May 28, 2022
This downtrend is 139 days longer than 2018 bear market. pic.twitter.com/56qu3RPMZ4
According to CMC Bitcoin traded at $30,675.74 USD with a 24-hour trading volume of $28,178,610,523 USD. BTC is up 4.93% in the last 24 hours with a market cap of $584,479,759,083 USD.
Bitcoin is the reason for the 46% of the market volume. When the bitcoin started facing a downtrend the worldwide crypto market lost half of its value from an all-time high of USD 3 trillion. But today hopefully again Bitcoin started entering the green zone but still, it’s unpredictable.
