The market failed to recover over the past seven days. On the contrary – it saw further losses. As it stands, at the time of this writing, Bitcoin’s price seems likely to chart its 9th consecutive weekly close in the red.
9 weeks of decline for the price of BTC
In a first for Bitcoin, its price continues to decline for what appears to be the 9th week in a row. There are still a few hours where things could take a turn in the opposite direction, but judging from the past two days, that seems like the least likely scenario.
At the time of this writing, BTC’s price is trading at around $29,000 – up 0.6% on the day but down 1.3% on the week. It’s been seven days full of sideways actions and slow declines, chopping the market up.
The weekly open is at $30,264 (on Bitstamp) – over 4% off the current price.
Meanwhile, Bitcoin’s fear and greed index continues to be in a state of “extreme fear.”
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Altcoins relatively stable for the day
The majority of altcoins are relatively stable for the day. As of this writing, most of them are registering insignificant gains.
EVMOS is the most considerable gainer for the past 24 hours – up 26%, followed by Avalanche’s AVAX – up 13%. On the other hand, the coin that lost the most is Luna Classic – down 36%. This is somewhat expected, given that Terra 2.0 launched yesterday.
