Bitcoin records 7 weeks of consecutive losses for the first time in history

The price of bitcoin (BTC) reached another record in its history, although not very good this time. The cryptocurrency records for the first time 7 consecutive weeks of decline, the longest period of losses since its origin.

During the last seven days bitcoin it has depreciated 11.6%, going from USD 33,338 to USD 29,478, under TradingView. This period, in addition to being the 7th consecutive week to register losses for the first time in history, achieved another bearish milestone: it reached a minimum price that had not been touched since 2020: USD 25,500.

It is worth clarifying that it barely touched such a figure briefly on Thursday, which means that the buying force caused the price to rise again. Over the past three days it has been holding between $29,200 and $31,400, which signals a slight stability in such a range.

This strip in which the bitcoin price moved from such a low suggests that the bitcoin investors they have lost the panic that surfaced last week. Mainly because of the distrust generated by the extreme fall of the LUNA altcoin and the TERRA USD stablecoin.

In this way, we are returning to the accumulation. This can be seen in the decrease in reserves in BTC on exchanges, according to data from Glassnode. This movement is an indicator that fear sales have been reduced and that the market is stabilizing, so its price could strengthen if such demand consolidates.

We will have to see how the bitcoin market is moving in the face of economic measures that arise at a global level, since in the period he has shown himself to be sensitive to this factor. Precisely their behavior has indicated to be conditioned to the fact that people avoid risky assets in the face of rising global inflation and financial uncertainty.

Bitcoin continues to decline in correlation with Nasdaq tech stocks

The price of bitcoin has continued to decline in correlation with Nasdaq tech stocks as global inflation grows to all-time records. Since 7 weeks ago, the NDX100 stock index, which brings together the values of the hundred most important technology companies, has fallen by 16.9%, while BTC by 38%, according to TradingView.

Cryptocurrency trader Scott Melker say so, if we operate under the assumption that global markets are determining bitcoin’s movements right now, then we have to be attentive to economic announcements from the United States and Europe, as well as other parts of the world.

“People all over the world are selling their assets in a panic to dollars. Whether it’s inflating or not, the dollar is the safe haven asset for most people,” he said. With this, he explains why the supply of bitcoin and the stock market shares have been greater than the demand in this period, causing its price drop, while the US currency has appreciated.

“It is likely that we will need to see a stock market bottom before we can get to the bottom of bitcoin or at least be close,” the specialist indicated. In this regard, he alleged that, in March 2020, the stock market reached its minimum about ten days after BTC started a rise. He then recalled that the cryptocurrency grew 17 times, while the shares doubled.

Therefore, understand that at some point BTC could make a higher bullish move than tech stocks when the downtrend breaks. “What happens after this period is what matters, and it’s likely to melt the faces. It’s just a question of how long this bear market persists,” he concluded.