With the recent weekly close, Bitcoin once again clearly ended up as a red weekly candle. It’s now the eight red candle in a row for Bitcoin, something that never happened before. The last record was six red candles and that dates backt to even 2013. One thing is sure we are in a bear market and quite an extraordinary one for Bitcoin.
The current macro-economic situation is very unusual. We are having a stake of issues that are all worrying and will probably just get worse, all that while the FED is being hawkish. Probably one of the worst macroeconomic situations for the stock markets in the last decades. Also all scenarios are just not looking to get better, as Covid, Ukraine-Russia, Supply chain issues.
We are clearly in a slow-bleed scenario. Quite unusualy for Crypto, as Crypto likes to get a sharp dump at once and then just go sideways or up. Right now on the weekly it’s a slow bleed. But as always this too shall pass and there will be a lot of needed relief afterwards.