The longest weekly losing streak in Bitcoin Price history is finally broken. However, the mood among analysts is anything but unanimously bullish.
Bitcoin price starts a new week with some fresh hope for holders. It starts after halting what has been the longest weekly downtrend in its history.
After battling for support throughout the weekend, BTC/USD ultimately found its footing to close out the week at $29,90. This is $450 higher than last Sunday.
The bullish momentum did not stop there. The pair climbed through the night into June 6 to reach multi-day highs.
The price action provides some long-awaited relief to bulls. However, the Bitcoin price is far from out of the woods at the start of what promises to be an interesting trading week.
The culmination will likely be United States inflation data, this itself is a yardstick for the macroeconomic forces of the world globally. As time goes on, the impact of anti-COVID policies, geopolitical tensions and supply shortages is becoming all the more apparent.
The tenth time’s the charm for Bitcoin Price weekly
It was a long time coming, but Bitcoin has finally closed out a “green” week on the weekly chart.
BTC/USD had spent a record nine weeks making progressively lower weekly closes. It is a trend that began in late March and ended up being the longest ever in its history.
On June 5, however, bears had no chance, pushing the pair to $29,900. Even before the new week began At the time of scripting, it is still approximately $450 higher than the previous week’s closing price.
Read more: Bitcoin (BTC) Price Needs To Confirm These Levels For A Breakout
