Bitcoin Shows 35.8% Weekly Gains: Why This Means The Top Is Near
20 März 2023 - 9:00PM
NEWSBTC
Bitcoin closed the past week with returns of about 35.8%; here’s
what has happened historically when the asset’s price has performed
similarly. Bitcoin Registered 35.8% Gains During The Past Week BTC
has continued its strong upwards momentum recently, with the last
week being one of the best-performing weeks in the history of the
cryptocurrency as the coin managed to close it is 35.8% in the
green. According to the latest weekly report from Glassnode, only
16 trading days since 2015 have seen larger 7-day gains than the
latest rally, showing how rare and special such price surges have
been. Here is a chart that shows the data for the 7-day price
performance of Bitcoin since the year 2015: Looks like the value of
this metric has been pretty high in recent days | Source:
Glassnode's The Week Onchain - Week 12, 2023 In the above graph,
Glassnode has highlighted (in orange) the previous instances for
Bitcoin where the price showed stronger 7-day percent returns than
the latest one. It seems like the last time BTC saw a higher amount
of 7-day gains was when the bull run of the first half of 2021 was
almost at its top. Similarly, multiple days with this trend were
observed at the top of the 2017 bull run. Related Reading: Shiba
Inu Sees Outflow Of $270 Million From Crypto.com, Bullish Sign? The
chart shows that these Bitcoin bull runs also saw an instance of
this trend when the rally was still on its way up but had
nonetheless entered the late stages. A couple of occurrences of
higher 7-day returns were also observed during the rally that took
place back in April 2019. This mini-bull rally shares many
similarities with the current one, as it also pulled BTC out of the
bear market lows. The first trend instance was seen in the latter
half of this rally, while the second was observed right at the top,
much like during the bull runs of 2017 and 2021. All these
occurrences suggest that Bitcoin has generally only seen days with
such strong 7-day percentage returns when a bull rally has entered
its late stages. One clear exception to this, however, took place
way back in 2015, when the end of the bear market of that cycle saw
such returns, but the buildup towards the bull rally was only in
its early phases then. If the current market is comparable to all
these previous bull rallies, then the 35.8% returns that Bitcoin
observed in the past week may mean that a top is near, or at least
the rally has entered its late stages. Related Reading: Bitcoin To
$30,000? Fed Unveils New Tool To Bailout Non-US Banks Naturally, a
different trend is still not out of the realm of possibility, as
the instance at the end of the 2015 bear market already showed.
However, it’s still true that such a trend hasn’t been repeated all
these years since then. BTC Price At the time of writing, Bitcoin
is trading around $27,900, up 16% in the last week. BTC seems to
have dipped below $28,000 | Source: BTCUSD on TradingView Featured
image from Kanchanara on Unsplash.com, charts from TradingView.com,
Glassnode.com
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