Bitcoin Records 1st Weekly Green Candle In 3 Months – A Start Of A Bull Run?

Christian Encila

Last Updated: June 6, 2022 8:47 am

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

In the past week, Bitcoin and the broader cryptocurrency market have demonstrated a significant trend reversal by gaining 8 percent in a short period of time. Following its decoupling from U.S. equities, the largest cryptocurrency in the world has been attempting to catch up with this relief bounce.

Bitcoin has had a week of volatility. However, the cryptocurrency has been able to record its first green weekly candle in three months.

As of this writing, BTC is trading at $31,256.62, up 6.0%, with a market cap of $595.7 billion, according to figures from Coingecko.

Earlier in the week, Bitcoin was able to reach a peak of $32,000, but the jubilations were short-lived as sellers jumped in and knocked the price back down to where it has been for the past few days.

Bitcoin Showing Strong Resilience

According to technical charts, Bitcoin continues to trade well above its 200-day moving average (DMA). Historically, it has reached its lowest point near 200 DMA or slightly below, which is 25 percent lower than its current price.

Rekt Capital, a popular crypto analyst, explains:

“Historically, BTC tends to bottom at, around, or just under the 200-week moving average… $BTC would need to lose a further 25 percent to reach the 200 MA.”

BTC total market cap at $597 billion on the daily chart | Source: TradingView.com

January ended in the red, near its historical red average, with a loss of almost 16 percent. The market for Bitcoin experienced three consecutive red months until the month of February provided a bit of a breather.

The bulls have been on a tear in both February and March. However, the month of April erased all of these rallies.

May, like April, is regarded as one of the most favorable months for Bitcoin. The crypto has closed six green monthly candles with an average return of 17 percent in the last 10 years.

Reaching A Tipping Point In May

Bloomberg statistics, citing figures from CoinMetrics, indicates that Bitcoin miners sent roughly 200,000 BTC to exchanges in the last month of May.

Meanwhile, before concluding that this is the beginning of the next bull market, investors need to exercise some vigilance and caution as the market could be exhibiting signs of another bear market rally at this point.

Bitcoin seems to have reached a tipping point towards the end of May. After nearly 10 weeks, the bulls closed a green candle for the first time. Since then, this ascending trend line has supported Bitcoin.

Featured image from CryptoPotato, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.