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Bitcoin at $30K Heading for First Green Week After 9 in Red (Market Watch)

5 Jun, 20222 min readBitcoin
Bitcoin at $30K Heading for First Green Week After 9 in Red (Market Watch)

Although bitcoin continues to struggle below $30,000, the cryptocurrency is actually close to breaking its nine-week-long negative weekly streak. At the same time, some altcoins, such as Solana and Avalanche, have registered impressive recoveries today.

Bitcoin to Stop the Negative Weekly Streak?

Following the end of March, when BTC had spiked by more than $10,000 in just 14 days, the asset began what it later became its longest retracement in terms of weekly candles.

At the start of May, bitcoin equaled the previous record of 6 consecutive red candles before it broke it and registered its 9th last week. Within this timeframe, the asset lost roughly $20,000 of its value and dumped to a year-and-a-half low.

BTC closed last week at $29,250 (on Bitstamp), at which point it bounced off and even jumped to over $32,000 days ago. However, it failed there and has returned below $30,000 as of now. Nevertheless, it’s still several hundred dollars above $29,250, meaning that it’s on the verge of breaking the negative streak.

Sitting close to $30,000 now means that BTC’s market cap is still around $565 billion, while its dominance over the alts is above 46%.

SOL and AVAX Lead the Way

The altcoins mimicked BTC’s performance lately, and Ethereum slipped from over $2,000 to under $1,800. As of now, the second-largest crypto has neared the latter, following a minor daily increase. BNB sits at a similar position as yesterday, close to $300.

Cardano, Ripple, and TRON have seen insignificant daily gains, while Dogecoin, Polkadot, and Shiba Inu are with minor losses.

Solana and Avalanche are the best performers from the larger-cap alts. SOL is up by 5% in a day to almost $40, while AVAX trades at $25 following an 8% surge.

The crypto market cap has remained rather calm at just over $1.2 trillion.

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