Record Bitcoin Streak: 13 Hours of Green Candles

user avatar

by Giorgi Kostiuk

2 years ago

Bitcoin recently achieved a significant milestone of 13 consecutive green hourly candles, marking the longest such period since early 2017.

Record Streak of Green Candles

Bitcoin, the largest cryptocurrency by market capitalization, recently recorded a streak of thirteen successive green hourly candles. This achievement signals renewed interest in the digital asset.

Experts' Opinions

Blockstream CEO Adam Back suggested that such an unusual trading pattern may indicate time-weighted average price (TWAP) buying. A large institutional investor or a major market maker might be accumulating bitcoin at the current price. Adam Back also noted that short-sellers closing their positions could have contributed to the rally. Some significant investors may have used the latest price fluctuations to increase their Bitcoin positions.

Maybe @saylor or someone institutional using the dip to build a position ahead of inauguration 10 days, tick tock.Adam Back

Reasons for Bitcoin's Decline

After the streak, Bitcoin followed a downward trend, losing almost 3% in the next three hours. This was influenced by favorable conditions in the US labor and services markets, reducing the likelihood of aggressive Fed rate cuts in 2025. This led to higher treasury yields and a stronger US Dollar, negatively impacting Bitcoin and other cryptocurrencies.

Market sentiment remains bearish due to a combination of macroeconomic factors. High levels of liquidations and US government plans to sell seized Bitcoins exert additional pressure on the market.

Tier I

Sector: #18291

Sealed Hiding Place 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, hiding places will be stored in your inventory and can be opened with Keys.

Other news

North Korea Dismisses FBI's Claims on Binance Hack

North Korea has dismissed allegations from the FBI regarding its involvement in a $63 billion cryptocurrency theft linked to Binance, calling it a political provocation.

user avatarKofi Adjeman

FBI Links Binance Hack to TraderTraitor Hacking Operation

The FBI has linked the Binance hack to a hacking operation known as TraderTraitor, associated with North Korea.

user avatarTando Nkube

Binance Announces Gradual Withdrawal Restart for Additional Tokens

On November 3, Binance announced a phased reopening of withdrawal routes for various tokens and networks following a security incident, allowing customers to progressively access their assets.

user avatarNguyen Van Long

Rising Oil Prices Complicate Bitcoin's Recovery

Geopolitical developments and rising oil prices add to the uncertainty surrounding Bitcoin's market performance.

user avatarRajesh Kumar

Suspected Cryptocurrency Theft Exceeds $133 Million

A suspected theft of cryptocurrency has escalated to over $133 million, prompting responses from multiple exchanges.

user avatarSatoshi Nakamura

NEAR Token Price Declines Despite Proposal Approval

NEAR Protocol's native cryptocurrency NEAR experienced a price drop on Tuesday, even after a proposal aimed at reducing long-term token dilution was approved.

user avatarJesper Sørensen

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.