Skip to main content

Bitcoin Ends Fifth-Straight Week in the Red

Bitcoin prices are still up 60% year to date, but the cryptocurrency is testing multiple support levels.
  • Author:
  • Publish date:

Bitcoin prices fell for a second consecutive day, marking fifth consecutive week of declines for the the world's largest cryptocurrency by market share.

Prices were able to rebound off session lows with a single bitcoin falling as low as $45,700 Friday afternoon before rallying by up near $47,000.

The crypto market was falling in-tandem with the major indices which recorded significant losses Friday. The Dow Jones Industrial Average fell well over 1% while the Nasdaq fell nearly 1% 

Investors may have a bearish sentiment following the announcement that the Federal Reserve will accelerate the withdrawal of its monetary stimulus, leading to potentially three interest rate increases next year. 

One bitcoin bull however says that panic sellers are "practically giving away" their cryptocurrencies to the wealthier buyers.

“Central banks – including The Fed which will make a key announcement on Wednesday – are now being forced to act in order to combat inflation. Bitcoin and other digital currencies are widely regarded as a shield against inflation mainly because of its limited supply, which is not influenced by its price," said deVere Group CEO Nigel Green. 

“In this inflationary period, bitcoin has outperformed gold, which has been almost universally hailed as the ultimate inflation hedge - until now."

 Despite the five-week selloff, bitcoin is still up about 60% on the year.