8 Green Candles: Here’s What Happened The Last Time In Bitcoin
July 29 2021 - 12:00PM
NEWSBTC
Bitcoin has now had 7 consecutive daily green candle closes this
month. There have been a couple of 7 consecutive daily candle
closes. But so far there has been no eight. The last time there
were 8 consecutive daily candle closes, bitcoin price saw a price
run-up that saw the price moving out of the $20,000 price range
into the $30,000. BTC price movements after 8 consecutive daily
candlesticks | Source: Twitter The chart above outlines the
movement of the market the last time this happened. The run-up had
started last year in 2020 and continued into 2021 before tapering
off in January. Showing a very The market continues to watch to see
what happens if bitcoin does hit those 8 consecutive candle closes.
Bitcoin Price Movements This week continues to show interesting
price movements in the digital asset. The close of the weekend
ushered in a bullish run for bitcoin that saw the coin price adding
over $5,000 to its price in the span of a day. Related Reading
| Bitcoin To Reach New All-Time Highs, Market Strategist
Bitcoin had lost momentum following this run, losing over 3% to
drop down from its $39,000 position, back into the $37,000
territory. But has since picked that momentum back up, now trading
at over $40,000 at the time of this writing. This is the first time
that the asset has gone above $40,000 in the past month. Following
a month-long struggle to recover from the continuous dips that have
been experienced in the market. Right now, bitcoin movements
continue to show bullish indicators, as bulls continue to maintain
a hold on the price. Over the course of this week, the digital
asset has added over $100 billion to its market cap, bringing its
total to over $750 billion. BTC market cap adds over $100 in three
days | Source: Market Cap BTC on TradingView.com The movements have
been attributed to circulating rumors of Amazon’s crypto
integration. But according to Fast Money’s Brian Kelly, this was
mostly due to a combination of factors. And not just one rumor
circulating around the e-commerce giant. Massive amounts of short
squeezes during the weekend, a time when the market is usually less
liquid than usual, saw the price of the asset shoot up. And short
positions over $1 billion were liquidated in the span of a day.
Where Does Bitcoin Go From Here? With the current movements,
bitcoin closing green for the past week, it continues to indicate
that another bullish rally might be imminent. The market was
thought to have already arrived in a bear market. But the current
price surges might tell a different story. This would most likely
mean that the bull market was not over as was thought before.
Because if bitcoin sees 8 consecutive green closes and history is
anything to go by, then the digital asset might be on track to a
rally that sees the market hitting new all-time highs. Bitcoin
could be poised to break its $64K record following another bull
run. Related Reading | Over $800 Million Bitcoin Shorts
Liquidated As Price Surges 12% In 24 Hours Individual and
institutional investors alike continue to stay bullish on the
digital asset. Investors who have never been involved in
cryptocurrencies are showing more interest. A Gallup poll showed
that the number of investors who were holding bitcoin had now
tripled since 2018. And in that time frame, the number of investors
who were interested in digital assets has now gone up. Featured
image from Bitsgap, charts from Twitter and TradingView.com
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