In the month of July in the year 2018, Bitcoin had seen red for nearly a week, consistently. This seven-day streak had continued through to the fourth of August. Following this, modest gains for one day played in role in pausing the correction for a brief period of time. Since then, Bitcoin had never seen a similar losing streak.
The pullback of seven days in 2018 led to Bitcoin sliding 17%. There were further losses as well that eventually saw Bitcoin flattening out at levels of $3200. This was in December of 2018.
Bitcoin Pulls Back and The Breakout
The correction in 2018 saw Bitcoin tumble by around 61%. This happened prior to the ‘Breakout’. It was this breakout that resulted in Bitcoin reaching levels of $64,800 in the month of April in 2021.
It should also be noted, however, that Bitcoin fell for a period of six months consecutively before the breakout started.
Bitcoin Facing Losing Streak
Currently, Bitcoin is looking at a losing streak of three months. This is one that finds a comparison with the pullback in 2021, which lasted between April and June.
Bitcoin is finding support, which is enabling it to avoid reaching levels below $40,000. Bitcoin also avoided experiencing the same seven-day losing streak it had previously experienced in 2018. Support started locking in at levels around $40,500. When the levels reach around $45,000, a shift when it comes to sentiment may be witnessed. Avoiding the sub-$40,000 levels could remind investors, however, of the sell-off that happened in 2018.