Bitcoin (BTC) has opened the new week with fresh hope for investors after breaking out of a 9-week bearish streak – the longest in the history of crypto. Bitcoin is now rallying, giving hope to investors that the bulls are in sight.
Bitcoin Breaks out of Longest Bearish Streak
After seeing its value gradually deteriorate over a record period of nine weeks, Bitcoin, the largest cryptocurrency on the market, has finally closed out a “green” week in the weekly charts.
Bitcoin, which opened on Monday 30th at $29,443, traded as high as $32,249 towards the end of the week, before closing at $30,600. The event sparked a rally for Bitcoin, which has driven its price even higher coming into the new week.
Bitcoin Continues to Rally
Despite investors showing signs of nervousness about the upcoming U.S. inflation data report scheduled for Friday, June 10th, the price of Bitcoin has continued to push towards greener pastures.
Over the last 24 hours, Bitcoin has gained in value by 5.8% to trade at as high as $31,453. In the event of a sustained breakout, investors are keen to see Bitcoin break resistance levels to trade above the critical $32k point.
The 24 hour price chart for Bitcoin (BTC). Source: CoinMarketCap
On the Flipside
- With the Bitcoin failing to maintain a sustained rally, miners, who are known for keeping long-term holdings, are beginning to sell their hoarded tokens to cover losses.
Why You Should Care
Rallying against the backdrop of macroeconomic forces that have driven prices ever downwards since mid-March could change the sentiment surrounding Bitcoin.
Despite a poor 2022 performance, Bitcoin is billed to grow. Read more below:
Bitcoin’s (BTC) Value Will Continue to Grow, Says Deutsche Bank (ETR:DBKGn) Analyst
JPMorgan (NYSE:JPM): Bitcoin Undervalued, Has 30% Growth Potential