Bitcoin is now 0 for 7 green candles in the last seven weekly closes — the first time it has closed seven straight weeks in the red 😱 However, indicators point that some whales are accumulating in this zone 🐳
Bitcoin's weekly losing streak stands at seven after the next red candle that took the world's biggest crypto below $30,000.that cratered the entire crypto market. Even though bulls can book a bounceback from a long wick that took BTC as low as $25,000, it's the first seven-week losing streak in Bitcoin's history:
The DXY and Bitcoin tend to move inversely to one another — which explains some of Bitcoin's recent weaknesses. Add to that a stuttering equity market that is choked off by rising interest rates and this historic losing streak doesn't seem so surprising anymore.However, bulls have reason to believe they can make a stand around $30,000.
He also pointed out that whales currently dominate futures markets. For example, long positions on Bitfinex reached an all-time high in the recent days. The last few times similar trading patterns were observed, BTC bounced off lows as a result:
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