Bitcoin Scores Massive Streak of Green Candles. What’s Happening?

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As a crypto investor, I’ve just noticed an impressive streak with Bitcoin, the leading digital currency by market cap. Data from K33 Research shows that it has managed to secure 13 green hourly candles consecutively. This suggests a strong upward trend in its price for the time being.

Remarkably, this is the longest sequence of green hourly candles in Bitcoin’s history, dating back to January 1, 2017.

According to Blockstream CEO Adam Back, it might be a strategy known as Time-Weighted Average Price (TWAP) purchasing. He expressed this on social media, suggesting that a large or institutional investor could be making such a purchase. However, he seems unsure about who would be willing to sell at these current prices.

Additionally, he implied that it’s possible for either MicroStrategy co-founder Michael Saylor or an institutional investor to be using the current market drop as an opportunity to accumulate a larger stake in Bitcoin. He also didn’t dismiss the possibility that short sellers might be cashing out their profits on Bitcoin and then buying more, which could contribute to its future price increase.

Bitcoin bulls on the ropes 

Following a remarkable sequence of green price increases for Bitcoin, there was a sudden drop of approximately 3% over the subsequent 3 hours. Nevertheless, the majority of this decrease has been recovered since then.

On Friday, U.S. stocks experienced a decrease after a strong employment report, which lowered the likelihood of upcoming interest rate reductions.

According to U.Today, the U.S. Federal Reserve has taken a more aggressive approach towards interest rates following several reductions, which is believed to be the primary factor contributing to Bitcoin’s less-than-stellar performance as of late.

Bitcoin is currently trading at $94,515 on the Bitstamp exchange. 

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2025-01-10 18:00