Bitcoin Records Its Longest Bearish Streak Since Early 2015

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Alex Dovbnya

Bitcoin has printed 7 play reddish candles successful a enactment

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Bitcoin, the world’s largest cryptocurrency, has recorded its longest bearish streak since aboriginal 2015.

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The crypto king has present logged 7 consecutive reddish candles connected the play chart.

The past clip this happened, Bitcoin was trading astatine conscionable $220 successful January 2015.

As reported by U.Today, the apical cryptocurrency precocious plunged to the $25,000 level for the archetypal clip since December 2020 aft a brutal sell-off.

The cryptocurrency marketplace was deed hard by the monolithic illness of Terra, 1 of the biggest blockchain projects.

A alleviation rally successful the cards?

It is worthy noting that the Relative Strength Index (RSI), which is utilized by traders to show marketplace sentiment, hasn’t been that oversold since the pandemic-induced marketplace clang that took spot successful March.

As noted by anonymous marketplace expert IncomeSharks, Bitcoin mightiness people a greenish candle owed to the monolithic sell-off measurement that was recorded past week. The trader expects the largest cryptocurrency to spot a alleviation rally if the dollar scale (DXY) calms down aft hitting the largest level successful decades.

At property time, Bitcoin is changing hands astatine $30,379 connected the Bitstamp exchange.

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