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Home » Market Updates » Bitcoin at $30K Heading for First Green Week After 9 in Red (Market Watch)

Bitcoin at $30K Heading for First Green Week After 9 in Red (Market Watch)

Author: Jordan Lyanchev

Last Updated Jun 6, 2022 @ 06:30

Bitcoin is on the verge of marking its first weekly green candle in roughly two months, thus breaking its longest negative streak.

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Although bitcoin continues to struggle below $30,000, the cryptocurrency is actually close to breaking its nine-week-long negative weekly streak. At the same time, some altcoins, such as Solana and Avalanche, have registered impressive recoveries today.

Bitcoin to Stop the Negative Weekly Streak?

Following the end of March, when BTC had spiked by more than $10,000 in just 14 days, the asset began what it later became its longest retracement in terms of weekly candles.

At the start of May, bitcoin equaled the previous record of 6 consecutive red candles before it broke it and registered its 9th last week. Within this timeframe, the asset lost roughly $20,000 of its value and dumped to a year-and-a-half low.

BTC closed last week at $29,250 (on Bitstamp), at which point it bounced off and even jumped to over $32,000 days ago. However, it failed there and has returned below $30,000 as of now. Nevertheless, it’s still several hundred dollars above $29,250, meaning that it’s on the verge of breaking the negative streak.

Sitting close to $30,000 now means that BTC’s market cap is still around $565 billion, while its dominance over the alts is above 46%.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SOL and AVAX Lead the Way

The altcoins mimicked BTC’s performance lately, and Ethereum slipped from over $2,000 to under $1,800. As of now, the second-largest crypto has neared the latter, following a minor daily increase. BNB sits at a similar position as yesterday, close to $300.

Cardano, Ripple, and TRON have seen insignificant daily gains, while Dogecoin, Polkadot, and Shiba Inu are with minor losses.

Solana and Avalanche are the best performers from the larger-cap alts. SOL is up by 5% in a day to almost $40, while AVAX trades at $25 following an 8% surge.

The crypto market cap has remained rather calm at just over $1.2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
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About The Author

Jordan Lyanchev
More posts by this author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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