{"id":11371,"date":"2022-06-06T08:53:43","date_gmt":"2022-06-06T08:53:43","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/btc-price-snaps-its-longest-losing-streak-in-history-5-things-to-know-in-bitcoin-this-week\/"},"modified":"2022-06-06T08:53:46","modified_gmt":"2022-06-06T08:53:46","slug":"btc-price-snaps-its-longest-losing-streak-in-history-5-things-to-know-in-bitcoin-this-week","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/btc-price-snaps-its-longest-losing-streak-in-history-5-things-to-know-in-bitcoin-this-week\/","title":{"rendered":"BTC price snaps its longest losing streak in history \u2014 5 things to know in Bitcoin this week"},"content":{"rendered":"
Bitcoin (BTC) starts a new week with some fresh hope for hodlers after halting what has been the longest weekly downtrend in its history.<\/p>\n
After battling for support throughout the weekend, BTC\/USD ultimately found its footing to close out the week at $29,900 \u2014 $450 higher than last Sunday.<\/p>\n
The bullish momentum did not stop there, with the pair climbing through the night into June 6 to reach multi-day highs.<\/p>\n
The price action provides some long-awaited relief to bulls, but Bitcoin is far from out of the woods at the start of what promises to be an interesting trading week. <\/p>\n
The culmination will likely be United States inflation data, this itself a yardstick for the macroeconomic forces at world globally. As time goes on, the impact of anti-COVID policies, geopolitical tensions and supply shortages is becoming all the more apparent.<\/p>\n
Risk assets remain an unlikely bet for many, as central bank monetary tightening is seen to be apt to pressure stocks and crypto alike going forward.<\/p>\n
Bitcoin\u2019s network fundamentals, meanwhile, continue to adapt to the surrounding reality and its impact on network participants.<\/p>\n
Cointelegraph takes a look at five factors to bear in mind when charting where BTC price action may be headed in the coming days.<\/p>\n
It was a long time coming, but Bitcoin has finally closed out a \u201cgreen\u201d week on the weekly chart. <\/p>\n
BTC\/USD had spent a record nine weeks making progressively lower weekly closes \u2014 a trend which began in late March and ended up being the longest ever in its history. <\/p>\n
On June 5, however, bears had no chance, pushing the pair to $29,900 before the new week began, this still being approximately $450 higher than the previous week\u2019s closing price. <\/p>\n
That event sparked several hours of upside, with local highs totaling $31,327 on Bitstamp at the time of writing \u2014 Bitcoin\u2019s best performance since June 1.<\/p>\n
\nOn the Weekly candle close, Trend Precognition printed a Long signal on the #Bitcoin<\/a> Weekly chart. Looking for a HH on the Weekly to confirm a breakout. If #BTC<\/a> rallies, key MA’s should act as technical resistance. https:\/\/t.co\/NPVL3D27C5 pic.twitter.com\/GxwT5zI3gC<\/a><\/p>\n
\u2014 Material Indicators (@MI_Algos) June 6, 2022<\/a><\/p><\/blockquote>\n