Tangem Wallet Pack of 2 - Secure Crypto Wallet - Trusted Cold Storage for Bitcoin, Ethereum, NFT's &

Tangem Wallet Pack of 2 - Secure Crypto Wallet - Trusted Cold Storage for Bitcoin, Ethereum, NFT's &
Key item features Ultimate Security: Generates a private key that remains on the card, safeguarding crypto and NFTs from hackers with EAL6+ certification and audited firmware. Versatile Compatibility: Manages over 13,000 tokens across 70+ blockchains, supporting DeFi, NFTs, and DeEx without wires, Bluetooth, or USB. Effortless Operation: Utilizes NFC for secure transactions via a mobile device and the Tangem app, enabling buying and selling crypto with various payment methods. Smart Backup: Features a second Tangem Wallet as a backup, eliminating the need for paper, pictures, or seed phrases for recovery. Durable Design: Boasts IP68 protection against environmental conditions, ensuring longevity and robust physical security. Comprehensive Support: Compatible with Bitcoin, Ethereum, Solana, XRP, USDT, and over 6,000 cryptocurrencies, integrating with dApps and WalletConnect.

LBANK

LBANK

Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?

This week, Bitcoin had made history when it recorded its eighth consecutive red weekly close. This first-of-its-kind streak had cemented the digital asset on one of the worst bearish trends that have ever been recorded. Now, even as the week runs towards another close, the cryptocurrency has not been able to make any considerable recovery, indicating that it may not be done with its bearish streak.

Bitcoin Headed For A Ninth Red Close?

With bitcoin still trading well below $30,000, it is no long shot to speculate that the digital asset may close out this week in the red too. If it does so, then it will break its previous record while plunging the market into even worse bearish trends. Nine consecutive weekly closes would prove that bulls have mainly relinquished control of the market, meaning the bears have the leeway to pull the market down further.

Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle

This combined with the increased interest rates from the Fed has left investors feeling warier about financial investments. Thus driving them towards more ‘stable’ investment options. With such money leaving the market, bitcoin possesses little chance of actually reversing the current trend.

Even though bitcoin has been providing a safe haven from the altcoin bloodbath, it does not mean that the digital asset itself has not taken losses. NewsBTC reported that while bitcoin has been the best performer of all the indices, the cryptocurrency is still down 24% from the start of the month. This decline in price means that investors are still not as bullish on the pioneer cryptocurrency. 

BTC price falls to $28,000 | Source: BTCUSD on TradingView.com What The Indicators Say

For bitcoin, maintaining above the 50-day moving average has always been a bullish indicator. This is why the current trading value of the cryptocurrency does not spell good news for it. For example, bitcoin is more than $9,000 below its 50-day moving average. To cement a recovery trend, it would not only have to move above this point but will need to establish significant support above the $40,000 level. This would mean that bitcoin would have to recover 37% to achieve this.

Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

While this is not outside the realm of possibility, exchange inflows show that it is very unlikely to happen. Over the last 24 hours alone, BTC exchange inflows have surpassed outflows by $7.5 million, showing that the sell-off trend continues to wax stronger.

Unless this sell-off trend can be halted and turned into an accumulation trend, a 37% recovery remains out of the picture for bitcoin. Coupled with the extreme fear sentiment that is being experienced in the space, BTC is more likely to touch below $25,000 before establishing support above $40,000.

Featured image from BBC, chart from TradingView.com

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