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

Crypto markets set out by themselves as May ends– however not in the instructions that anybody expected.

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

Bitcoin ( BTC) threatened to continue an unmatched losing streak on May 29 as BTC/USD remained in a best intraday variety.

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

Stocks connection provides no convenience to BTC bulls

Data from Cointelegraph Markets Pro and TradingView flagged the biggest cryptocurrency heading for 9 weeks of drop in a row– the most in history.

Already at a suspicious record, Bitcoin’s weekly chart closes offered the background to a weak point that continued to dissatisfy experts over the weekend.

Even stock exchange, bothered by reserve bank tightening up, handled to put in gains over the week, while Bitcoin and most of altcoins contributed to losses.

” Most worrying has actually been the divergence in between Equities and Crypto. S&P and NASDAQ have actually traded about 10% greater given that 20 May lows while both BTC and ETH have actually traded lower in the very same duration,” trading company QCP Capital composed to customers of its markets newsletter, the current edition of which was launched on May 29:

” This is not the instructions of decoupling we were expecting!”

QCP echoed existing belief over Bitcoin’s underperformance compared to formerly highly-correlated equities.

Continuing the concept, popular Twitter account Il Capo of Crypto projection fresh pressure thanks to those indexes now experiencing sell-side friction of their own.

” Last time SPX rallied making a brand-new high while $BTC was making lower highs, we saw bearish extension when SPX reversed. Now SPX is at resistance,” a post on the day read

Bitcoin deals with the “beloved dips of May”

With that, BTC/USD was primed to end the month down around 22%.

Related: Small Bitcoin whales might be keeping BTC cost from ‘capitulation’– analysis

This would make May 2022 the second-worst May in Bitcoin’s history, information from on-chain tracking resource Coinglass verified

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

Analysis of sags gradually on the other hand exposed that the present descent from highs was the fourth-longest ever, now at 200 days.

Noted by expert Matthew Hyland, the longest-ever such drop took place in 2014-15 and lasted more than two times as long.

#Bitcoin is presently in its 4th longest drop in its whole history: pic.twitter.com/bnT8uXIOsb

— Matthew Hyland (@MatthewHyland_) May 29, 2022

As Cointelegraph even more reported, historic patterns determine that a duration of sideways cost action might now continue, followed just later on by a capitulation occasion and macro bottom.

The views and viewpoints revealed here are entirely those of the author and do not always show the views of Cointelegraph.com. Every financial investment and trading relocation includes threat, you must perform your own research study when deciding.

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