{"id":492266,"date":"2022-06-06T23:00:10","date_gmt":"2022-06-06T23:00:10","guid":{"rendered":"https:\/\/wncen.com\/?p=492266"},"modified":"2024-06-11T11:44:56","modified_gmt":"2024-06-11T11:44:56","slug":"bullish-bitcoin-marks-first-green-weekly-close-after-two-months-in-the-red","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bullish-bitcoin-marks-first-green-weekly-close-after-two-months-in-the-red\/","title":{"rendered":"Bullish: Bitcoin Marks First Green Weekly Close After Two Months In The Red"},"content":{"rendered":"

Bitcoin has been marking multiple weeks of consecutive red closes. This has been the case for the last two months when the leading cryptocurrency had seen 9 consecutive weeks of red closes. Unsurprisingly, this had pained a very bearish image for the digital asset. However, it seems the tide has begun to turn as bitcoin has now ended its streak. A break above $30,000 in the early hours of Monday put BTC in its first weekly close in more than two months.<\/p>\n

Better Days Ahead For Bitcoin?<\/h2>\n

While the price of bitcoin has been in recovery, it does not exactly erase more than two months of bearish trends. This first green in a long line of reds does not automatically trigger a bull trend for the digital asset. What it does, however, is show that investor sentiment is starting to turn for the better. No doubt the sellers will continue to dominate the market for the better part of the next week but an uptick in positive inflows is expected from here.<\/p>\n

Related Reading |\u00a0Brace For Impact: Bitcoin Miners Have Begun Dumping Their Holdings<\/a><\/strong><\/em><\/p>\n

Bitcoin has not had a green weekly close since the month of March. Even before then, sentiment had turned for the worse. This continues into the new week as the Fear & Greed Index is currently sitting at 13, putting it in extreme fear. BTC\u2019s rise above $32,000 last week had worked to help ease the fear in the market but negative sentiment had returned once more with the crash below $29,000.<\/p>\n

\"Bitcoin<\/p>\n

BTC settles above $31,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
What is expected from here on out is shaky movements for BTC. The digital asset needs to secure a position above $35,000 for it to be considered back on another bull trend. However, multiple significant resistance points lie ahead for the cryptocurrency.<\/p>\n
What Exchange Inflows Say<\/h2>\n
Bitcoin exchange inflows mirror the positive sentiment that is returning to the market. Data from Glassnode shows that for the last day, there have been $6.6 billion in BTC moving into exchanges while $7.9 billion has been moved out. This works out to a negative net flow of -$1.3 billion, signaling that more investors are moving towards accumulation instead of outright sell-offs.<\/p>\n
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\ud83d\udea8 Weekly On-Chain Exchange Flow \ud83d\udea8#Bitcoin<\/a> $BTC<\/a>
\u27a1\ufe0f  $6.6B in
\u2b05\ufe0f  $7.9B out
\ud83d\udcc9 Net flow: -$1.3B#Ethereum<\/a> $ETH<\/a>
\u27a1\ufe0f  $3.3B in
\u2b05\ufe0f  $3.2B out
\ud83d\udcc8 Net flow: +$108.6M#Tether<\/a> (ERC20) $USDT<\/a>
\u27a1\ufe0f  $3.4B in
\u2b05\ufe0f  $4.2B out
\ud83d\udcc9 Net flow: -$781.3Mhttps:\/\/t.co\/dk2HbGwhVw<\/a><\/p>\n
— glassnode alerts (@glassnodealerts) June 6, 2022<\/a><\/p><\/blockquote>\n