Bitcoin Records Longest Streak of Green Hourly Candles Since 2017 Amid Renewed Institutional Interest

Bitcoin thirteen consecutive green hourly candles mark its longest streak since 2017, sparking speculation of institutional accumulation despite market volatility and macroeconomic pressures.

Bitcoin Hits Record Streak of Green Hourly Candles

Bitcoin, the world’s largest cryptocurrency by market capitalization, recently achieved a historic milestone, recording thirteen consecutive green hourly candles—a feat not seen since early 2017. This pattern highlights renewed interest in the digital asset despite prevailing market challenges.

Vetle Lunde of K33 Research reported this streak as an indicator of sustained buying activity. Analysts believe this unusual trend could signify time-weighted average price (TWAP) buying, a strategy often employed by institutional investors to gradually accumulate large positions without significantly impacting the market.

Institutional Moves Driving Market Trends

Blockstream CEO Adam Back speculated that this streak could be the result of major institutional investors, like MicroStrategy’s Michael Saylor, capitalizing on recent price dips. Back pointed out that the streak aligns with strategies involving dip-buying and closing short positions, which may have further fueled the rally.

“Maybe @saylor or someone institutional is using the dip to build a position ahead of inauguration 10 days, tick tock,” Back tweeted, alluding to potential preparatory moves in anticipation of market shifts.

Such behavior indicates growing confidence in Bitcoin’s long-term value, despite its inherent volatility. However, the streak ended with a price drop of nearly 3% in the subsequent three hours.

Bitcoin’s Price Swings Continue

This week has been turbulent for Bitcoin. After reaching a recent high above $100,000, its value dropped sharply to around $91,200, causing widespread liquidations and heightened risk aversion among traders. As of this writing, Bitcoin has recovered to $95,022, though the market remains cautious.

Factors Behind Bitcoin’s Volatility

Bitcoin’s recent decline can be attributed to multiple factors:

1. US Macroeconomic Conditions:
   Favorable labor market and services data in the United States have reduced the likelihood of aggressive Federal Reserve rate cuts in 2025. This has strengthened the US Dollar and treasury yields, placing downward pressure on Bitcoin and other cryptocurrencies.
2. Market Sentiment:
   Bearish sentiment persists, with over $390 million in total cryptocurrency liquidations reported in the last 24 hours, including $54 million in Bitcoin positions, according to Coinglass.
3. Government Bitcoin Sales:
   The US government’s plans to sell 69,370 Bitcoins seized from the Silk Road marketplace, valued at approximately $6.5 billion, have further dampened market sentiment.
4. ETF Outflows:
   Institutional enthusiasm has waned, as reflected in significant outflows from cryptocurrency ETFs.

Looking Ahead

Despite recent challenges, Bitcoin’s long-term fundamentals remain robust. Analysts are optimistic about its potential to stabilize as institutional activity increases and the market adjusts to macroeconomic realities. However, traders should brace for continued volatility, especially with large-scale Bitcoin liquidations and the looming government sale.

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