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.
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.
