Bitcoin poised to close its 9th consecutive negative week (Market Watch)

The market has not recovered in the last seven days. On the contrary, he saw more losses. As it stands, at the time of writing, the price of Bitcoin is likely to record its ninth consecutive weekly close in the red.

9 weeks of drops in the price of BTC

In a first for Bitcoin, its price continues to drop for what appears to be the ninth week in a row. There are still a few hours where things could take a turn in the opposite direction, but judging by the last couple of days, it seems like the least likely scenario.

At the time of writing, the price of BTC is trading around $29,000, up 0.6% on the day but down 1.3% on the week. It has been a full seven days of sideways action and slow declines, chopping up the market.

Source: TradingView

The weekly open is $30,264 (on Bitstamp), more than 4% below the current price.

Meanwhile, the Bitcoin Greed and Fear Index continues to be in a state of “extreme fear”.

Relatively flat altcoins for the day

Most altcoins are relatively flat for the day. At the time of writing this article, most of them post negligible profits.

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Source: quantify crypto

EVMOS is the biggest gainer of 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 released yesterday.

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Cryptocurrency charts from TradingView.

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