First 6-week losing streak since 2014 — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts the second week of May 2022 by bringing up bearish ghosts from its past — how much worse could the picture get for hodlers?
After falling to nearly $33,000, the largest cryptocurrency is giving market participants new and old a run for their money, and the fear is palpable.
A brutal combination of macro cues, which are set to continue this week and beyond, forms the backdrop for some historical chart retests that no one wanted to see again.
As calls for capitulation continue, there is still a lack of agreement about just how far BTC/USD could or should fall to put in a convincing long-term bottom.
Cointelegraph takes a look at factors poised to contribute to market movements in the coming days, as Bitcoin closes in on its 2022 lows.
Whichever way you dice it, there is little to be bullish about when it comes to Bitcoin price charts this week.
The weekly close on May 8 at $34,000 meant that BTC/USD delivered its sixth weekly red candle in a row.
That chart feature has not been seen in nearly eight years — the last occurrence began in August 2014, data from Cointelegraph Markets Pro and TradingView shows.
Then, as now, Bitcoin was in the second year of its four-year halving cycle, having seen its first blow-off top at just over $1,000 in November 2013. This cycle, however, has been different, as that blow-off top either did not arrive or was a lot more muted than previous cycles.
Meanwhile, macro conditions have taken care of any hope of a late surge among the majority of analysts, who now expect financial tightening by central banks worldwide to keep risk assets such as crypto firmly in check.
Back to the chart and BTC/USD has lost over $4,000 or 11.1% in May already.
Historically, the worst month of May on
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