Reading time: ~2 m
After collapsing below $26,000 in early May, Bitcoin began the past week at a price of $31,250, but eventually closed it at $30,250, ending its eighth straight week with a historic decline.
Bitcoin continues to experience pressure from two sides. On the one hand, its decline is influenced by the general macroeconomic situation, against the background of which the stock indices of the United States and Europe are also declining. On the other hand, the negative attitude towards cryptocurrencies has intensified against the background of problems associated with Terra, its LUNA coin and the UST stablecoin.
Since the beginning of this year, Bitcoin has lost more than 35%, which does not allow it to be considered a refuge from inflation. The correlation of Bitcoin and the Nasdaq technology index was the maximum this year.
Last week, the cryptocurrency index of fear and greed dropped to 8%, and today it is at around 10%, which signals the extreme fear prevailing in the cryptocurrency market.
Will Bitcoin be able to interrupt the series of red weekly candlesticks at the end of the week that began today?
Technical analysis of BTC indicates that Bitcoin has found support in the region of $ 30,000. A series of 8 falling weeks gives hope for at least a corrective rebound to $ 36,000. This scenario can be realized if the growth in the US stock markets begins.
However, the cryptocurrency market continues to see a decline in demand, where many are afraid to buy at current prices and are waiting for a further decline in the value of Bitcoin.
Author: Elvir, Analyst Freedman Club Crypto News
#Bitcoin #ended #decline #record #weeks #row
