Bitcoin, the world’s top cryptocurrency, has finally ended its bearish streak, but bulls are not out of the woods for now
Bitcoin, the largest cryptocurrency, finally ended its worst bearish streak yet after marking a green candle on its weekly chart.
The flagship coin has narrowly avoided scoring the tenth consecutive candle in the red.
The largest cryptocurrency is up 4.47% in the past 24 hours. It is currently trading at $31,189 on the Bitstamp exchange.
Bitcoin is still down 32.5% since the start of the year, meaning that bears remain firmly in the driver’s seat.
In the meantime, the market’s bearish sentiment continues to linger. The fear and greed index continues to show “extreme fear”.
As reported by U.Today, on-chain analysis shows that most short-term holders have now capitulated amid the most recent correction.
Bitcoin’s most recent price surge could still end up being a flash in the pan. On May 1, the biggest cryptocurrency soared to $32,375, the highest level in three weeks, but it ended up erasing its gains the next day and then came dangerously close to marking another week in the market. red.
As reported by U.Today, veteran trader Peter Brandt recently suggested that the price of Bitcoin could drop to as low as $12,000 during that bearish cycle.
