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Bitcoin Registers 14 Green Hourly Candles, Longest Streak Since 2017
K33 Research suggests this type of price action has only occurred a few times since 2017.
What to know:
- BTCUSD pair on Coinbase on a one-hour time frame has now put in fourteen green hourly candles.
- This pattern occurred from Jan. 9 at 9PM GMT to Jan. 10 at 11am.
Many traders were watching the bitcoin (BTC) price action during European hours on Friday, slightly confused and for good reason.
If you look at the candlesticks chart for BTCUSD pair on Coinbase, you would see fourteen green hourly candles, which means in the last 14 hours bitcoin scored gains in each hour.
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The hourly candles comes as BTC price has gone up from $91,771 to $95,283. The trend started on Jan. 9 at 21:00 UTC and has worked its way until 10:00 UTC on Jan. 10.
The unusual price chart has left traders on X perplexed.
Vetle Lunde, Senior analyst at K33 Research, put together data points on when this last happened. This is currently the longest hourly green candle streak since at least January 1, 2017, when it put in 11.
But, its not the first time we have seen double-digit hourly green candles in recent times. Bitcoin charts have shown similar patterns on Jan. 14, 2023 (11), Feb. 26, 2024 (11) and Nov. 12, 2024 (11) as well.
The fifteenth hourly candle is currently red, potentially ending this trend and is due to finish at 12:00 UTC.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system. In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
