Bitcoin Records 7 Red Weekly Candles For The First Time In History

Bitcoin BTC/USD recorded seven consecutive red weekly candles for the first time in its history.

What Happened: According to data from Benzinga Pro, BTC fell to a low of $25,400 last Thursday. Over the last seven weeks, BTC has lost over 50% of its value. At the beginning of April, BTC was trading at $46,700.

At the time of writing, the leading digital asset was trading at $30,400 with a trading volume of $28 billion.

See Also: HOW TO BUY BITCOIN (BTC)

#bitcoin just made history by putting in 7 red candles on the weekly chart in a row!

This has never happened before. The previous record is 6, in 2014. pic.twitter.com/F1ozYxPqRe

— Lark Davis (@TheCryptoLark) May 16, 2022

Sure looks like a capitulation bottom on the weekly #Bitcoin candle 🕯️

7 straight red 🟥 weekly candles with a high volume dump at the end...

No one knows for sure, but man are we due for a weekly green week. All great streaks must come to an end. #Crypto pic.twitter.com/DASI9bMRJ5

— Plan©️ (@TheRealPlanC) May 15, 2022

Last week’s selloff sent Bitcoin’s price to within 6% of  “Realized Price”, as per analysis from Glassnode.

Yesterday, the #Bitcoin market sold off to $25.4k, and within 6% of the Realized Price ($23,960).

The realized price represents the average cost basis of all $BTC, and was last visited, only briefly, in March 2020.

Historically it has been a strong support for #Bitcoin. pic.twitter.com/x9PzPr6BOt

— glassnode (@glassnode) May 13, 2022

“The realized price represents the average cost basis of all BTC, and was last visited, only briefly, in March 2020. Historically it has been a strong support for Bitcoin,” Glassnode wrote on Twitter.

Further on-chain analysis showed that the Bitcoin Accumulation Trend Score hit “very high values” between 0.7 and 0.9 at lower prices.

“This indicates a large cross-section of the Bitcoin market added significantly to their BTC balance,” stated Glassnode. “Combined with the realized price, it suggests investors saw value.”