Bitcoin closes 4 consecutive weekly green candles for first time since August 2021

Bitcoin ended the week strongly with four consecutive green candlesticks for the first time since August 2021. His four weeks of positive momentum in a bear market are extremely rare.

The last time four consecutive green candlesticks were printed in a bear market was during the recovery from the COVID-19 crash in May 2020. Before that, during a bear market, whenever the four weekly candlesticks closed green, the bottom of the cycle had already been made.

However, following the weekly close, Bitcoin began a retracement, with the price falling 3.6% from its all-time high.

Bitcoin surged to $24,000 over the weekend as it made a second attempt to break the resistance level that has been held since August 2022. However, at the time of writing, it has fallen to around $23,000, showing a red candle each week.

Additionally, the weekly candle also hit chart highs as Bitcoin continues its upward momentum. The year-to-date chart below shows that Bitcoin is off to a strong start heading into 2023.

Never in Bitcoin’s history have four green weekly candles been followed by a new cycle low at a similar time in a holding cycle. For example, January 30th is 994 days after his last halving in May 2020. The previous cycle low came 994 days after him in 2015 and 889 days after him in 2018. The current cycle low came 924 days after the last half-life. This is in the past range. .

Thus, Bitcoin’s low for this cycle is $15,530, or the longest bear market in Bitcoin history. Moreover, with an uncertain global macroeconomic environment looming over the financial sector, Bitcoin is poised for the first test of a potentially deflationary global economy.