Bitcoin Breaks Above $40,000 for the First Time in Over a Year
Bitcoin has been on an impressive run, finally surpassing the $40,000 mark after more than a year. This upward trend has been building up over the past few months, with the climax occurring between October and December. As a result, Bitcoin has now recorded 8 consecutive green candles on the weekly chart, which historically indicates a bullish trend for the price.
8 Green Candles for BTC on the Weekly Chart
In the last two months, the price of Bitcoin has consistently closed in the green, a trend that was once uncommon. This positive streak continued through November, a month that was expected to be bearish, and extended into December with another green weekly close.
During this period of consistent green closes on the weekly chart, the BTC price has surged from as low as $27,000 to as high as $42,000. This represents a roughly 50% increase in value over two months.
Bullish Momentum Overcomes Polarizing Views
Despite conflicting opinions between bulls and bears, the bullish indicators have consistently prevailed. The gains made in the past eight weeks have not only erased a year of bearish pressure but have also allowed Bitcoin to fully recover from losses caused by events like the FTX collapse.
Bitcoin’s Strong Performance with Green Candles
Bitcoin has also demonstrated strong performance following 8 consecutive green candles on the daily charts. These green candles have often signaled quick price increases for Bitcoin, making them an overall bullish signal.
Hot Take: Bitcoin’s Bullish Momentum Continues
Bitcoin’s recent surge above $40,000 and its streak of 8 green candles on the weekly chart indicate a strong bullish momentum. Despite differing opinions in the market, Bitcoin has shown resilience and has fully recovered from previous losses. With its consistent upward trajectory, Bitcoin continues to demonstrate its potential for growth and remains an attractive investment option in the crypto market.
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