Bitcoin to set a new record 9-week losing streak with BTC price down 22% in May


Bitcoin (BTC) threatened to proceed an unprecedented dropping streak on Might 29 as BTC/USD stayed in a proper intraday vary.

BTC/USD 1-day candle chart (Bitstamp). Supply: TradingView

Shares correlation presents no consolation to BTC bulls

Information from Cointelegraph Markets Professional and TradingView flagged the biggest cryptocurrency heading for 9 weeks of downtrend in a row — essentially the most in historical past.

Already at a doubtful report, Bitcoin’s weekly chart closes supplied the backdrop to a weak point that continued to disappoint analysts over the weekend.

Even inventory markets, troubled by central financial institution tightening, managed to place in good points over the week, whereas Bitcoin and nearly all of altcoins added to losses.

“Most regarding has been the divergence between Equities and Crypto. S&P and NASDAQ have traded about 10% greater since 20 Might lows whereas each BTC and ETH have traded decrease in the identical interval,” buying and selling agency QCP Capital wrote to subscribers of its markets e-newsletter, the most recent version of which was launched on Might 29:

“This isn’t the course of decoupling we had been hoping for!”

QCP echoed present sentiment over Bitcoin’s underperformance in comparison with beforehand highly-correlated equities.

Persevering with the thought, standard Twitter account Il Capo of Crypto forecast contemporary stress due to these indexes now encountering sell-side friction of their very own.

“Final time SPX rallied making a brand new excessive whereas $BTC was making decrease highs, we noticed bearish continuation as soon as SPX reversed. Now SPX is at resistance,” a put up on the day read.

Bitcoin faces the “darling dips of Might”

With that, BTC/USD was primed to finish the month down round 22%.

Associated: Small Bitcoin whales could also be protecting BTC value from ‘capitulation’ — evaluation

This might make Might 2022 the second-worst Might in Bitcoin’s historical past, knowledge from on-chain monitoring useful resource Coinglass confirmed.

BTC/USD month-to-month returns chart (screenshot). Supply: Coinglass

Evaluation of downtrends over time in the meantime revealed that the present descent from highs was the fourth-longest ever, now at 200 days.

Famous by analyst Matthew Hyland, the longest-ever such downtrend occurred in 2014-15 and lasted greater than twice as lengthy.

As Cointelegraph additional reported, historic patterns dictate {that a} interval of sideways value motion may now proceed, adopted solely later by a capitulation occasion and macro backside.

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