09 May 2022
Six red weeks in a row for bitcoin - Not seen since 2014Bitcoin just recorded its sixth consecutive red week. This has not been seen since 2014. The question is now, where will bitcoin find support?
Source: Tradingview (Bitstamp)
The market is bleeding, and bitcoin just recorded its sixth consecutive red week. This is a rather historical observation, last seen in 2014.The bitcoin price briefly fell below the $30,000 mark yesterday and marked a new 2022 low of ~$29,700. However, we’re seeing a slight relief today.We’re zooming out this week, looking at major support levels. On a weekly level, the area between $28,000-$32,000 has shown to be a strong support level over the past years.This level is currently being defended, but a close below $28,000 would be a bearish signal.The next major support level is found at the previous ATH of ~$20,000.