Despite reclaiming the $30,000 mark late last night, bitcoin still closed the weekly candle in the red. Thus, the cryptocurrency extended its negative streak to eight consecutive weeks.
8 in a row in red
A lot can change in the cryptocurrency space in two months, and that certainly has been the case for bitcoin. The asset stood at nearly $50,000 at the end of March, and when the community expected a run towards that level, the landscape changed, BTC reversed course and headed higher. its longest negative weekly streak.
CryptoPotato reported two weeks ago when bitcoin equaled the previous adverse record with six red candles in a row. Last week, it broke it after dumping by $15,000 at one point, and the situation worsened upon the weekly closure hours ago.
Bitstamp data, presented by TradingView, shows that BTC closed the week at just over $30,000, making eight consecutive weekly candles in the red.
The start of the new trading week has been slightly more positive, with bitcoin currently in the green. However, there’s still time for the bears to return to the scene and extend the negative streak ever further.
Extreme fear once again dominates the scene
With eight reds in a row, the BTC fear and greed index is somewhat expected to have remained well stuck in “extreme fear” territory. The metric compiles various types of data including surveys, volatility, social media comments, and more to determine general sentiment towards the leading cryptocurrency, with results ranging from 0 (extreme fear) to 100 (extreme greed).
It’s safe to say that it’s been a while since the community has been greedy. In fact, the highest the Index has gone this year was around 50 during the aforementioned run-up in late March.
It moved to “scared” in April and early May, but dropped to “extreme scared” once bitcoin surged from $40,000 to $25,300 within days. For now, it is still in the latter, showing 10.
