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

Bitcoin (BTC), which was on a losing streak, threatened to keep going on May 29, as BTC/USD remained in a correct intraday range.

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

BTC bulls are not comforted by stock correlation

Data from TradingView and Cointelegraph Markets Pro showed that the largest cryptocurrency was heading downtrend for nine consecutive weeks — the longest period of time in history.

Bitcoin’s weekly closes were already a questionable record. This provided the background to weakness that continued its decline over the weekend.

Stock markets managed to post gains despite being troubled by central banks tightening. However, Bitcoin and most altcoins suffered losses.

“The most concerning thing has been the divergence in Equities and Crypto. S&P and NASDAQ traded 10% higher than 20 May lows, while both BTC (and ETH) traded lower during the same period,” QCP Capital, a trading firm, wrote to subscribers to its markets newsletter on May 29.

“This is not where we wanted to decouple!”

QCP shared the sentiments expressed by others about Bitcoin’s performance relative to other previously high-correlated equities.

The popular Twitter account Il Capo of Crypto continues to forecast new pressure due to the sellside friction that indices are currently experiencing.

“Last time SPX rallied, making a new high, while $BTC made lower highs. We saw bearish continuation once SPX reversed. “Now SPX is at resistance,” reads a day-end post.

Bitcoin is facing the “darling dips May”

BTC/USD ended the month at 22%.

Similar: Analysis of small Bitcoin whales that may keep Bitcoin price from capitulation — related

According to Coinglass, this would make May 2022 as the worst May in Bitcoin history.

Screenshot of BTC/USD monthly returns chart Source: Coinglass

Analyzing downtrends over time revealed that the current decline from highs was now the fourth-longest, at 200 days.

Matthew Hyland, analyst, noted that the longest-lasting downtrend was in 2014-15. It lasted twice as long.

#Bitcoin is currently in its 4th longest downtrend in its entire history: pic.twitter.com/bnT8uXIOsb
Matthew Hyland (@MatthewHyland_), May 29, 2022

Cointelegraph reported that historical patterns indicate that sideways price action can continue. This could be followed by a capitulation and macro bottom.

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https://cointelegraph.com/news/bitcoin-to-set-a-new-record-9-week-losing-streak-with-btc-price-down-22-in-may