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Bitcoin plummets for 9 weeks in a row

 


At the end of the last week of trading, Bitcoin was again in the red, setting a negative record. Investors are often misled into thinking that because of such a series, a change and thus a positive week must follow.


In fact, there are other indicators that suggest a gradual recovery may begin. These include, for example, the RSI, which reached a value of around 33 points in the weekly chart for the last week of trading and was therefore at the same level as the Corona crash in March 2020.


But that alone does not mean anything, because in this context it is more important that no new lows have been reached since May 12th. At press time, Bitcoin is trading at $30,700, starting the week on a positive note. A “ local bottom ” therefore seems possible, although the next Fed meeting in two weeks and a generally bearish sentiment remain as residual risks. So even if Bitcoin should recover in the short term, this does not necessarily mean a long-term change in trend.


Bitcoin network is growing and thriving

Despite the fact that the market has been shaken up quite a bit this year, the Bitcoin network is in good shape. In May 2021, the hash rate crashed after miners in China had to shut down and look for new locations.


Therefore, it is particularly positive to note that the hashrate this year has not only reached the level before the exodus of Chinese miners, but has even increased. Recently, the hash rate even had an all-time high in early May 2022. This growth development clearly demonstrates the stability that Bitcoin promises even in unsettled times on the markets.

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