Bitcoin: The leading cryptocurrency Bitcoin (BTC) has finally ended its bearish streak. The bulls have yet to emerge, though.
Bitcoin, the largest cryptocurrency, has finally ended its worst streak of declines to date after gaining a green candle on its weekly chart. The leading cryptocurrency narrowly escaped the tenth consecutive red candle. BTC is up 5.3% in the last 24 hours. It is currently trading at $31,256.
Bitcoin has dropped 32.5% since the start of the year, meaning bears are stuck in the driver’s seat.
Extreme Fear Dominates
Meanwhile, bearish market sentiment continues. The Fear and Greed Index continues to show “extreme fear”.
There is no certainty about what will happen after Bitcoin’s latest price increase. On May 1, for example, the largest cryptocurrency hit a three-week high of $32,375, but erased its gains the next day and then started a dangerous decline.
As previously reported, veteran trader Peter Brandt recently suggested that the Bitcoin price could retrace as low as $12,000 during this bearish cycle.