Bitcoin has been losing for the past seven weeks

by in Blockchain News

Bitcoin

For the past seven weeks in a row, the price of bitcoin has been declining. Despite small and short-term bounces, sellers do not allow the coin to change fundamental positions.

According to Bloomberg, we are seeing the longest correction since 2011.

Today, during the Asian session, BTC bounced above $30,000, but soon it again dipped below this psychological mark. At the time of publication of this review, the cryptocurrency was trading around $29,768.

Trending: El Salvador bought an additional 80 BTC amid a drawdown in the course

Altcoins on Wednesday, May 25, are traded in different directions. Ether (ETH) and Binance Coin (BNB) gained about 2% to $1982 and $331 respectively. Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX), on the contrary, are retreating. These coins lost just over 1% in value and fell to $49.5, $0.083, and $28.6. The capitalization of the crypto market has decreased to $1.274 trillion.

According to Fundstrat strategist Mark Newton, in the coming days or even weeks, the bearish trend in the crypto sphere will be dominant if the stock market does not get out of the red zone.

BTC's reliance on the S&P 500 indicator remains strong, and it is unlikely that the cryptocurrency will be able to become an independent asset while the Federal Reserve sticks to a tough course.