Bitcoin News: 5 Things To Know About It


This week, Bitcoin (BTC) is recovering, with a rapid spike challenging weekly highs.

On May 30 BTC/USD is back at weekly highs after rising several percent overnight, which should give bulls some much-needed confidence.

The weekly candle that ended trading on May 29 was able to contain losses and turn around at the start of the new trading week, marking a stark contrast to prior weekly finishes.

However, nine consecutive red weekly candles have been closed in Bitcoin‘s price chart, a first in the cryptocurrency’s history.

How negative is June for the biggest cryptocurrency? There has been no uptick in consumer enthusiasm despite the continued macroeconomic uncertainty, and cries for even more surrender have not abated.

However, Bitcoin still has a shot to leaving its current trading corridor if it maintains its recent rise.

In this article, Cointelegraph analyzes the potential market-moving events of the next few days.

Can Bitcoin Avoid 10 Weeks Of Red?

This week, Bitcoin deviates from its usual pattern, thanks to a sudden and welcome U-turn that occurred somewhere between May 29 and 30.

Both the Nikkei in Japan and the Hang Seng in Hong Kong are up more than 2% at the time of writing, with trade in Asia providing the background for these gains. The trigger was the announcement that China will loosen some of the limitations placed on the economy in response to the COVID-19 outbreak.

Still, Bitcoin gained better than stocks did before European trading opened.

Data from Cointelegraph Markets Pro and TradingView reveals that after an initial read hourly candle after the weekly closure, BTC/USD suddenly climbed from $29,300 to current values around $30,700.

Despite the fact that the weekly close is still in the negative, it’s possible that Bitcoin’s nine-week losing run will break this week if the price of Bitcoin is at least $29,500 by the conclusion of the following week.

Some people have become considerably more optimistic about the near-term prognosis only because of what happened overnight.