{"id":499513,"date":"2022-08-22T23:00:37","date_gmt":"2022-08-22T23:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=499513"},"modified":"2024-06-11T14:22:49","modified_gmt":"2024-06-11T14:22:49","slug":"another-red-weekly-close-for-bitcoin-why-a-rebound-is-on-the-horizon","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/another-red-weekly-close-for-bitcoin-why-a-rebound-is-on-the-horizon\/","title":{"rendered":"Another Red Weekly Close For Bitcoin, Why A Rebound Is On The Horizon"},"content":{"rendered":"

Bitcoin had been able to break out of its red streak earlier in the year after making 11 consecutive red weekly closes. With the market recovery, the digital asset had begun to return some green weekly closes. That is until the market correction, and bitcoin lost about $4,000 off the top of its value. This resulted in a weekly close for the prior week, and even though it looked like a recovery might be on the horizon, bitcoin has recorded another red weekly close.<\/p>\n

Two Red Closes<\/h2>\n

Within the last couple of weeks, bitcoin had seen some incredible movements that had returned faith in the market. The cryptocurrency had risen as high as $25,200 before being beaten back down by the bears. Nevertheless, the cryptocurrency continues to maintain a strong bullish trend, although at a much lower price level.<\/p>\n

Related Reading: Investor Sentiment Falls As Crypto Market Sheds $100 Billion<\/a><\/strong><\/em><\/div>\n

Due to the retracement back down from $25,200, the digital asset had recorded its second consecutive red close. Two red weekly closes are no cause for alarm for a highly volatile digital asset such as bitcoin, but it has often set a precedent in the past. An example of this is back at the beginning of April when the asset had seen two consecutive red weekly closes. It would go on to see another 9 red closes, the longest in the history of bitcoin.<\/p>\n

\"Bitcoin<\/p>\n

However, looking at other times when the digital asset had seen such trends, it had not spent too long in it. One example of this is back in June when the market had declined to $17,600. It was the second consecutive red weekly close, but the reversal was swift.\u00a0<\/span><\/p>\n

A Bitcoin Rebound In The Works?<\/h2>\n

One of the biggest threats to wealth is rising inflation. This primarily impacts the purchasing power of the currency depending on how large the inflation rate is. The last three reports from the Fed have seen inflation rates hit the highest they have ever been in the last 40 years. This, understandably, triggered panic among investors.<\/p>\n

With the rising inflation, more investors are moving to cryptocurrencies such as bitcoin. This is because the digital asset has always been ahead of the inflation rate. Where the inflation rate has reached as high as 9%, bitcoin had seen yearly returns of more than 200% last year. Given this, it is expected more investors will move funds into the \u201cdigital gold.\u201d<\/p>\n

On-chain analytics firm Santiment has also revealed that it expects the digital asset to recover in the new week. This is due to the fact that short positions on exchanges have ramped up following the price decline.\u00a0 <\/span>With so many people betting against the market, it becomes an opportunity for investors to accumulate, and accumulation trends often precede sharp recoveries.<\/p>\n

Related Reading: Bitcoin Price Declines Below 50-Day MA, Is A Recovery Expected?<\/a><\/strong><\/em><\/div>\n

Bitcoin\u2019s price is still holding up nicely. The digital asset had previously fallen below $21,000 on Sunday but had recovered once more to be trading above $21,200. Bitcoin is also showing meaningful support on the 4-hour chart ahead of the opening of the trading day. If it maintains support at $21,200, then this will likely serve as a bounce-off point for the cryptocurrency.<\/p>\n

Featured image from GoBanking Rates, chart from TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin had been able to break out of its red streak earlier in the year after making 11 consecutive red weekly closes. With the market recovery, the digital asset had begun to return some green weekly closes. That is until the market correction, and bitcoin lost about $4,000 off the top of its value. This resulted in a weekly close for the prior week, and even though it looked like a recovery might be on the horizon, bitcoin has recorded another red weekly close. Two Red Closes Within the last couple of weeks, bitcoin had seen some incredible movements that had returned faith in the market. The cryptocurrency had risen as high as $25,200 before being beaten back down by the bears. Nevertheless, the cryptocurrency continues to maintain a strong bullish trend, although at a much lower price level. Related Reading: Investor Sentiment Falls As Crypto Market Sheds $100 Billion Due to the retracement back down from $25,200, the digital asset had recorded its second consecutive red close. Two red weekly closes are no cause for alarm for a highly volatile digital asset such as bitcoin, but it has often set a precedent in the past. An example of this is back at the beginning of April when the asset had seen two consecutive red weekly closes. It would go on to see another 9 red closes, the longest in the history of bitcoin. However, looking at other times when the digital asset had seen such trends, it had not spent too long in it. One example of this is back in June when the market had declined to $17,600. It was the second consecutive red weekly close, but the reversal was swift.\u00a0 A Bitcoin Rebound In The Works? One of the biggest threats to wealth is rising inflation. This primarily impacts the purchasing power of the currency depending on how large the inflation rate is. The last three reports from the Fed have seen inflation rates hit the highest they have ever been in the last 40 years. This, understandably, triggered panic among investors. With the rising inflation, more investors are moving to cryptocurrencies such as bitcoin. This is because the digital asset has always been ahead of the inflation rate. Where the inflation rate has reached as high as 9%, bitcoin had seen yearly returns of more than 200% last year. Given this, it is expected more investors will move funds into the \u201cdigital gold.\u201d On-chain analytics firm Santiment has also revealed that it expects the digital asset to recover in the new week. This is due to the fact that short positions on exchanges have ramped up following the price decline.\u00a0 With so many people betting against the market, it becomes an opportunity for investors to accumulate, and accumulation trends often precede sharp recoveries. Related Reading: Bitcoin Price Declines Below 50-Day MA, Is A Recovery Expected? Bitcoin\u2019s price is still holding up nicely. The digital asset had previously fallen below $21,000 on Sunday but had recovered once more to be trading above $21,200. Bitcoin is also showing meaningful support on the 4-hour chart ahead of the opening of the trading day. If it maintains support at $21,200, then this will likely serve as a bounce-off point for the cryptocurrency. Featured image from GoBanking Rates, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":499516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,86640,1119,1144,78790],"class_list":["post-499513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-red-close","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nAnother Red Weekly Close For Bitcoin, Why A Rebound Is On The Horizon<\/title>\n<meta name=\"description\" content=\"Bitcoin had been able to break out of its red streak earlier in the year after making 11 consecutive red weekly closes. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Another Red Weekly Close For Bitcoin, Why A Rebound Is On The Horizon","url":"http:\/\/wncen.com\/news\/another-red-weekly-close-for-bitcoin-why-a-rebound-is-on-the-horizon\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/another-red-weekly-close-for-bitcoin-why-a-rebound-is-on-the-horizon\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/bitcoin-8.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/bitcoin-8.jpeg?fit=1920%2C1080"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","bitcoin red close","btc","btcusd","btcusdt"],"dateCreated":"2022-08-22T23:00:37Z","datePublished":"2022-08-22T23:00:37Z","dateModified":"2024-06-11T14:22:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Another Red Weekly Close For Bitcoin, Why A Rebound Is On The Horizon\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/another-red-weekly-close-for-bitcoin-why-a-rebound-is-on-the-horizon\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/another-red-weekly-close-for-bitcoin-why-a-rebound-is-on-the-horizon\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/bitcoin-8.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/bitcoin-8.jpeg?fit=1920%2C1080\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"bitcoin red close\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2022-08-22T23:00:37Z\",\"datePublished\":\"2022-08-22T23:00:37Z\",\"dateModified\":\"2024-06-11T14:22:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/bitcoin-8.jpeg?fit=1920%2C1080","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/499513"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=499513"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/499513\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/499516"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=499513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=499513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=499513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}