The market has not corrected for the last seven days. On the contrary – it saw further damage. As it stands, at the time of writing, the price of bitcoin is likely to close its 9th consecutive weekly in the red.
BTC price down 9 weeks
For the first time ever for bitcoin, its price continues to decline, which is likely to be the 9th week in a row. There are still hours where things could turn in the opposite direction, but looking at the past few days, this seems like a less likely scenario.
At the time of writing, BTC was priced around $29,000 – up 0.6% on the day but down 1.3% on the week. It has been seven days that have been full of sideways action and a slow decline, which has given the market an uptrend.
The weekly open is at $30,264 (on Bitstamp) – over 4% off the current price.
Meanwhile, the Bitcoin Fear and Greed Index remains in a state of “extreme fear”.
Altcoins relatively flat for the day
Most of the altcoins are relatively flat for the day. At the time of this writing, most of them are making negligible profits.
EVMOS has been the top gainer in the last 24 hours – up 26%, followed by Avalanche’s AVAX – up 13%. On the other hand, the coin that lost the most is Luna Classic – down 36%. This is somewhat expected, given that Terra 2.0 was launched yesterday.
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Cryptocurrency charts by TradingView.