Bitcoin closed its seventh straight week in the red on Sunday — a first in its history.
Bitcoin's weekly losing streak stands at seven after the next red candle that took the world's biggest crypto below $30,000.
Much of the fallout can be attributed to the epic LUNA collapse that cratered the entire crypto market. Even though bulls can book a bounceback from a long wick that took BTC as low as $25,000, it's the first seven-week losing streak in Bitcoin's history:
Bitcoin is fighting an uphill battle on the macro front, too. The US Dollar Currency Index (DXY) is on a relentless march up. In an almost perfect inversion of the BTC price, it has broken past previous resistance and is approaching multi-year highs.
The DXY and Bitcoin tend to move inversely to one another — which explains some of Bitcoin's recent weaknesses. Add to that a stuttering equity market that is choked off by rising interest rates and this historic losing streak doesn't seem so surprising anymore.
Could The Losing Streak Be Over Soon?
However, bulls have reason to believe they can make a stand around $30,000.
Cryptoquant CEO pointed out in a series of tweets that institutions and whales consider this an accumulation range and are topping up their holdings:
He also pointed out that whales currently dominate futures markets. For example, long positions on Bitfinex reached an all-time high in the recent days. The last few times similar trading patterns were observed, BTC bounced off lows as a result:
The positive news were backed up by a recent announcement that the Luna Foundation got rid of virtually all its BTC holdings, removing some of the systemic risk for Bitcoin.
Bitcoin investors can be hopeful that the tide is stemmed in the upcoming week and Bitcoin does not go for a historic eighth red week.
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