Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $30,200 |

After a year of growth, Bitcoin has seen some struggles as the market cap continues to rise. The key question is whether this current downtrend will continue or if it’s just a minor low before new highs emerge.

Bitcoin has had a red week for the 10th consecutive week. The cryptocurrency is now down 4% from its all-time high of $33,000 and it needs to close above $30,200 in order to avoid a 10th consecutive red weekly candle. Read more in detail here: bitcoin candlestick patterns.

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If Bitcoin finishes over $30,200 on Sunday night, June 5, it can escape a 10th weekly red candle in a row. Bitcoin has been closing off the week lower than the week before for the previous 9 weeks. Until Bitcoin shattered it in late May, the previous record was 6 red weeks.

Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $30,200 |BTCUSD TradingView is the source of this information.

Bitcoin is now trading at $29,788, and it has to breach $30,280 to avoid 10 consecutive red candles. Since it broke up in December 2020, the present price has functioned as a barrier to future downward movement.

Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $30,200 |BTCUSD TradingView is the source of this information.

As you can see from the graph above. The last time Bitcoin fell below $30k, it only did so on a weekly basis. Bitcoin closed above $31,683 every time it fell below $30k in 2021, but it hasn’t done so since May 9. One setback in 2019 at roughly $8,000 would be the next hurdle.

While no one expects Bitcoin to fall to 2019 levels, its present price indicates that it is entering uncharted terrain. Bitcoin’s all-time high during the previous cycle was $19,740, and it has never surpassed the preceding cycle’s all-time high. Bulls who don’t want to exhibit poor price action by invalidating a continuing bullish trend could use 2017’s all-time high as severe resistance.

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Bitcoin has had a rough week, with the cryptocurrency dropping to $3,600 on Friday. The “when to buy bitcoin 2021” is an interesting prediction that if Bitcoin closes above $30,200 it will avoid a 10th consecutive red weekly candle. This would be a major milestone for Bitcoin and could lead to a bullish rally in the coming weeks.

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