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Despite reclaiming the $30,000 mark late last night, bitcoin still closed the weekly candle in the red. Thus, the cryptocurrency extended its negative streak to eight consecutive weeks.

8 in a Row in Red

A lot can change in the cryptocurrency space in two months, and it definitely did for bitcoin. The asset stood close to $50,000 at the end of March, and when the community expected a run towards that level, the landscape changed, BTC reversed its trajectory and headed for its longest-negative weekly streak.

CryptoPotato reported two weeks ago when bitcoin equaled the previous adverse record with six red candles in a row. Last week, it broke it after dumping by $15,000 at one point, and the situation worsened upon the weekly closure hours ago.

Bitstamp data, showcased by TradingView, shows that BTC closed the week at just over $30,000, making eight straight weekly candles in the red.

BTCUSD. Source: TradingView

The start of the new trading week has been slightly more positive, with bitcoin currently in the green. However, there’s still time for the bears to return to the scene and extend the negative streak ever further.

Extreme Fear Dominates the Scene Again

With eight red ones in a row, it’s somewhat expected that the BTC Fear and Greed Index has remained stuck well within “extreme fear” territory. The metric compiles various types of data, including surveys, volatility, social media comments, etc., to determine the general sentiment toward the primary cryptocurrency, with results ranging from 0 (extreme fear) to 100 (extreme greed).

It’s safe to say that it’s been a while since the community has been greedy. In fact, the highest the Index has gone this year was around 50 during the aforementioned run-up in late March.

It went to “fear” in April and early May but plummeted into “extreme fear” once bitcoin dumped from $40,000 to $25,300 in days. As of now, it’s still in the latter, showing 10.

Bitcoin Fear and Greed Index. Source: Alternative.me
Bitcoin Fear and Greed Index. Source: Alternative.me

2 thoughts on “Negative Streak Continues: Bitcoin Registers 8 Consecutive Weekly Candle in Red

  1. I know it's not recommended to ask that but I don't really have a choice.

    Everyone tells me to DYOR and I did that. I know what cryptocurrency is and how it works. But I'm still worried I might make a bad decision and buy something that'll tank.

    I only know that BTC and ETH are good first options and in the long run.

    What other coins/tokens would you recommend me as a first time investor? My initial budget is 300 Euros.

    How many different coins/tokens I should have? I don't want to spread too thin.

    Also allocation too. How should I allocate my crypto? Some say 40% BTC 40% ETH and rest in other coins/tokens.

    Any advice would be helpful.

  2. We live in an era of instant gratification. Most people are getting used to the fact that they can have information, goods, pleasure, etc. in a very short time. Fueled by all the social media reality examples of how successful people are or how happy they are with what they have or what they are doing, you are put in a position where you feel off not being that “good”.

    In cryptocurrency we see these instant gratification examples too, and the created expectations that you should be a millionaire quick, if not you failed.

    Obviously, as most things in life, succes usually doesn't happen overnight. We are now in a bear market where you will only survive being not inclined to achieve instant gratification. This is where patience, and good research, and slow investing strategies will create your success in the future. Now is your opportunity to show yourself that instant gratification isn't sustainable. If you enjoy today, invest wisely, and stick around, you will likely be the person with results later. Not now, not instantaneous, later.

    Fight the instant gratification and build on sustainable success. And don't forget to enjoy whatever you have now.

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