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

Bitcoin (BTC) threatened to proceed an unprecedented dropping streak on Could 29 as BTC/USD stayed in a proper intraday vary.

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

Shares correlation gives no consolation to BTC bulls

Information from Cointelegraph Markets Pro and TradingView flagged the biggest cryptocurrency heading for 9 weeks of downtrend in a row — essentially the most in historical past.

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Already at a doubtful file, Bitcoin’s weekly chart closes offered the backdrop to a weak point that continued to disappoint analysts over the weekend.

Even inventory markets, troubled by central financial institution tightening, managed to put in gains over the week, whereas Bitcoin and nearly all of altcoins added to losses.

“Most regarding has been the divergence between Equities and Crypto. S&P and NASDAQ have traded about 10% larger since 20 Could lows whereas each BTC and ETH have traded decrease in the identical interval,” buying and selling agency QCP Capital wrote to subscribers of its markets e-newsletter, the most recent version of which was launched on Could 29:

“This isn’t the path of decoupling we had been hoping for!”

QCP echoed existing sentiment over Bitcoin’s underperformance in comparison with beforehand highly-correlated equities.

Persevering with the thought, in style Twitter account Il Capo of Crypto forecast contemporary stress because of these indexes now encountering sell-side friction of their very own.

“Final time SPX rallied making a brand new excessive whereas $BTC was making decrease highs, we noticed bearish continuation as soon as SPX reversed. Now SPX is at resistance,” a publish on the day read.

Bitcoin faces the “darling dips of Could”

With that, BTC/USD was primed to finish the month down round 22%.

Associated: Small Bitcoin whales may be keeping BTC price from ‘capitulation’ — analysis

This is able to make Could 2022 the second-worst Could in Bitcoin’s historical past, information from on-chain monitoring useful resource Coinglass confirmed.

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

Evaluation of downtrends over time in the meantime revealed that the present descent from highs was the fourth-longest ever, now at 200 days.

Famous by analyst Matthew Hyland, the longest-ever such downtrend occurred in 2014-15 and lasted greater than twice as lengthy.

As Cointelegraph additional reported, historic patterns dictate {that a} period of sideways price action might now proceed, adopted solely later by a capitulation occasion and macro backside.

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