Bitcoin Marks Record Streak of Green Candles: What's Happening?

user avatar

by Giorgi Kostiuk

2 years ago

Bitcoin, the top cryptocurrency by market capitalization, recently achieved a significant milestone by posting 13 consecutive green hourly candles. This marks the longest streak since January 1, 2017.

Historic Green Candle Streak

According to data provided by Vetle Lunde of K33 Research, Bitcoin recorded 13 green hourly candles in a row. Such a long streak has not been seen since June 2017. Blockstream CEO Adam Back suggested this could be tied to time-weighted average price (TWAP) buying by large or institutional players.

Dip after the Rise

Following the impressive rise, Bitcoin dipped nearly 3% within the next three hours, but it soon recovered most of those losses. Earlier this Friday, U.S. stocks dropped following a strong jobs report that reduced the likelihood of rate cuts, impacting Bitcoin's price.

Impact on the Market and Traders

The U.S. Federal Reserve recently adopted a more hawkish stance after implementing several rate cuts, which has been cited as the main reason behind Bitcoin's recent underperformance. Despite this, the asset continues to trade at $94,515 on the Bitstamp exchange.

Bitcoin's recent movements highlight the significant influence of macroeconomic factors on the cryptocurrency market. Institutional buying may indicate long-term confidence in the digital asset.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Alphabet Diversifies Stock Portfolio in Q2 2026

chest

Alphabet has updated its stock portfolio, now owning 28 stocks across various sectors to ensure long-term growth.

user avatarMaria Gutierrez

SpaceX Drops AMD in Favor of Nvidia for AI Projects

chest

SpaceX announced it will exclusively use Nvidia chips for AI projects, dropping AMD, during a quarterly earnings call on August 4, 2023.

user avatarDavid Robinson

Trump Asserts US Dominance Over Strait of Hormuz Amid Tensions

chest

US President Donald Trump claims total US control over the Strait of Hormuz amid tensions with Iran, despite a significant drop in maritime traffic.

user avatarAndrew Smith

Crypto Market Faces Layoffs and Shifts in Investment Trends

chest

The crypto market is currently facing significant layoffs, with firms like Coinbase and FalconX reducing their workforce. Retail investors are increasingly shifting their focus from cryptocurrencies to sports betting platforms and AI stocks.

user avatarZainab Kamara

Bitwise Asset Management Reduces Staff Amid Market Adjustments

chest

Bitwise Asset Management has reduced its staff by approximately 14 employees, bringing its total workforce to about 155, while maintaining that it is still the largest in the company's history.

user avatarJacob Williams

Arthur Hayes Outlines Yenquake Macro Thesis Impacting Bitcoin

chest

Arthur Hayes proposes a macro thesis called 'Yenquake', suggesting that supporting the Japanese yen could inject dollar liquidity into global markets, potentially benefiting Bitcoin.

user avatarSon Min-ho

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.