Bitcoin recorded a fall for six consecutive weeks and closes into the seventh week which will be the first time in nearly eight years
The rollercoaster of the previous seven days resulted in another weekly candle for bitcoin closing in the red. As a result, the cryptocurrency made history this week, as it was the first time it closed in the red for seven weeks in a row.
Bitcoin Records Weekly Fall For Sixth Week
Last week’s negative price movements resulted in bitcoin’s weekly closing falling for the sixth week in a row, a first for the asset in nearly eight years. The last seven days, though, have been considerably more brutal.
The worst trading day was May 12, when Bitcoin fell from just over $30,000 to $25,300, its lowest price since late December 2020.
Despite rebounding quickly and regaining thousands of dollars in a matter of days, the cryptocurrency ended the weekly candle lower than the previous one.
With seven successive candles in the red, it had created its longest bearish weekly stretch (on Bitstamp).
It’s worth noting that the fresh weekly candle, which began a few hours ago, is now red, but a lot can happen in the crypto markets in seven days.
Fear and Greed Index Turns Red
With the aforementioned negative trend, the popular Fear and Greed Index is likely to have entered the “severe fear” area.
The metric uses a variety of data sources, such as polls, volatility, and social media comments, to evaluate community opinion toward BTC. The scores range from zero to one hundred (extreme fear to extreme greed).
The graph below shows that the Index fell to its lowest point (severe dread) since the COVID-19 disaster over the weekend, indicating 9. Despite having recovered to above 10, the measure is still significantly below fear levels.
It’s worth remembering, though, that bitcoin tends to do well at times of apparent gloom.
The Index fell as low as 8 during the COVID-19 plunge, for example, when BTC dropped by more than 50% in a single day.
In the weeks and months that followed, the cryptocurrency not only recovered all of its losses but also reached new highs, eventually charting a new all-time high by the end of the year.