In a remarkable twist this past week, Bitcoin has captured the attention of traders everywhere—racking up an incredible 14 consecutive green hourly candles! This streak marks the longest since 2017 and hints at a possible shift in momentum. It’s quite the spectacle, isn’t it? As the crypto whisperers ponder whether whales are signaling a bullish tide by gobbling up the dips, market indicators parade a mix of emotions. With the Relative Strength Index (RSI) showing seller dominance while whale accumulation hints at a different story, the stakes couldn’t be higher. And let’s not forget the waves of liquidations rocking the crypto landscape, totaling a whopping $389.50 million! Could this historical price pattern be a prelude to a trend reversal? As the crypto community braces for what lies ahead, it’s essential to dive deeper into these developments to uncover the motivations and momentum at play. Want to understand more about the whirlwind of Bitcoin’s price action? LEARN MORE.
Key Notes
- Historical price pattern emerges with longest consecutive green hourly candles in seven years, signaling potential trend reversal ahead.
- Market indicators show mixed signals as RSI suggests seller dominance at 46.73, while whale accumulation hints at bullish momentum.
- Massive liquidations totaling $389.50M rock the crypto market, with BTC shorts accounting for $82.70M in recent price movement.
Industry-leading cryptocurrency Bitcoin
BTC
$94 545
24h volatility:
1.9%
Market cap:
$1.87 T
Vol. 24h:
$51.78 B
printed a massive 14 hourly candles consecutively on Friday, the longest streak since 2017, and it seems that whales are actively buying the current dip, suggesting an increase in buying pressure. As Inauguration Day for the pro-crypto administration nears, the digital asset market participants have their eyes set on BTC’s next move.
As clear from the chart below provided by TradingView, the 14 hours were printed between Jan. 9 at 9 PM GMT and Jan. 10 at 11 AM GMT. This price trajectory of Bitcoin has confused traders on social media platform X (formerly Twitter) because the market-leading cryptocurrency turned bearish in the last few days, dropping to a low of $91,771 and then rebounding to a daily high of $95,770.