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.
