Bitcoin is about to close its 9th consecutive negative week (Market Watch)

The market has not recovered in the past seven days. On the contrary – it saw further losses. As it stands, at the time of writing, Bitcoin’s price appears likely to be making its 9th consecutive weekly close in the red.

9 weeks of declines for the price of BTC

As a first for Bitcoin, the price continues to fall for what looks likely to be the 9th week in a row. There are still a few hours where things could turn the other way, but judging by the past few days, this seems like the less likely scenario.

At the time of writing, the price of BTC is trading around $29,000 – up 0.6% on the day but down 1.3% on the week. It was seven days of sideways moves and slow declines, which split the market.

Source: TradingView

The weekly opening is $30,264 (on Bitstamp) – more than 4% off the current price.

Meanwhile, Bitcoin’s fear and greed index remains in a state of “extreme fear”.

Altcoins relatively flat for the day

Most altcoins are relatively flat for the day. At the time of this writing, most of them are charting insignificant gains.

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Source: Quantify Cryptography

EVMOS is the biggest winner in the last 24 hours – up 26%, followed by AVAX from Avalanche – up 13%. On the downside, the coin that has lost the most is Luna Classic – down 36%. This is somewhat to be expected, as Terra 2.0 launched yesterday.

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Cryptocurrency Charts by TradingView.

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