Despite recovering the $30,000 mark late last night, Bitcoin still closed the weekly candlelight deficit. As such, cryptocurrencies have extended their negative streak for eight consecutive weeks.
8 in a row in red
A lot can change in the crypto space in just two months, and it certainly has changed in Bitcoin. The asset was close to $50,000 at the end of March and things changed when the community expected it to run towards that level, and BTC reversed its trajectory towards its longest negative weekly streak.
Crypto Potatoes Two weeks ago, Bitcoin reported six red candles in a row, identical to their previous unfavorable record. At one point last week they broke it after dumping it for $15,000, and the situation was exacerbated by a daytime closure before the closing time.
According to Bitstamp data released by TradingView, BTC closed the week at just over $30,000, putting its eight consecutive weekly candles in the red.
The start of a new trading week is slightly more positive with Bitcoin currently green. However, there is still time for the bears to return to the scene and further extend the negative streak.
Extreme horror reigns supreme again
If you see 8 reds in a row, that’s somewhat expected. BTC Fear and Greed Index Well stuck in the “extreme horror” realm. This metric compiles different types of data, including surveys, volatility, social media comments, and more to determine general sentiment about the underlying cryptocurrency, with results ranging from 0 (extreme fear) to 100 (extreme greed). .
It is no exaggeration to say that the community has been greedy for a long time. In fact, this year’s highest index was around 50 during the aforementioned uptrend at the end of March.
It went into “fear” in April and early May, but plunged into “extreme fear” as Bitcoin fell from $40,000 to $25,300 in a matter of days. For now, it’s still in the latter and shows 10.
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