Tuesday, November 28, 2023

Bitcoin (BTC) avoids a repeat of 2018’s seven-day losing streak by staying below $40,000.

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.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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