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.
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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.
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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