Bitcoin (BTC) showed unusual dynamics: over the past 24 hours, the price of the asset has demonstrated a rare series of 14 green hourly candles in a row.
According to analysts K33 Research14 green candles in a row is a record since the beginning of 2017.
Rare phenomenon on the Bitcoin chart
Over the past 24 hours, the price of Bitcoin rose from $91,771 to $95,283. BTC showed an increase every 60 minutes for 14 hours in a row.
This phenomenon was recorded on the chart of the BTC/USD pair on the Coinbase cryptocurrency exchange.
According to K33 Research senior analyst Vetle Lunde, such a trend is an extremely rare occurrence. This time the growth was the longest since the beginning of 2017. The previous record was 11 green hourly candles in a row.
Similar cases occurred repeatedly, but did not reach such a scale:
- January 14, 2023 – 11 green candles in a row;
- February 26, 2024 – 11 candles;
- November 12, 2024 – 11 candles.
The fifteenth candle was already red at the end of the last series. The unique trend has ended.
What does it mean
A series of green candles signals strong bullish dynamics in the market, which may indicate:
- growing interest from investors who are ready to enter the market even at current levels;
- strengthening the influence of bulls, which is confirmed by a steady increase in prices;
- the likelihood of new highs if current dynamics continue.
According to K33 analysts, such series are a frequent indicator of strong interest in cryptocurrency. They usually portend a continuation of the bullish trend.
However, such anomalies can also be a signal that the market is temporarily overbought, so traders should treat this with caution.
According to CoinMarketCapat the time of writing, Bitcoin is trading at $94,910. Over the past 24 hours, the price of BTC has collectively increased by a little more than 1%.
Stay informed! Subscribe to World Stock Market in Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
