Bitcoin Records 7 Red Weekly Candles For The First Time In History

Bitcoin BTC/USD recorded seven consecutive red weekly candles for the first time in its history.

What Happened: According to data from Benzinga Pro, BTC fell to a low of $25,400 last Thursday. Over the last seven weeks, BTC has lost over 50% of its value. At the beginning of April, BTC was trading at $46,700.

At the time of writing, the leading digital asset was trading at $30,400 with a trading volume of $28 billion.

See Also: HOW TO BUY BITCOIN (BTC)

Last week’s selloff sent Bitcoin’s price to within 6% of  “Realized Price”, as per analysis from Glassnode.

“The realized price represents the average cost basis of all BTC, and was last visited, only briefly, in March 2020. Historically it has been a strong support for Bitcoin,” Glassnode wrote on Twitter.

Further on-chain analysis showed that the Bitcoin Accumulation Trend Score hit “very high values” between 0.7 and 0.9 at lower prices.

“This indicates a large cross-section of the Bitcoin market added significantly to their BTC balance,” stated Glassnode. “Combined with the realized price, it suggests investors saw value.”