Bitcoin (BTC) has opened the new week with fresh hope for investors after breaking out of a 9-week bearish streak – the longest in the history of crypto. Investors now have hope that bulls might be in sight, as the market is rallying.

Bitcoin breaks out of the longest bearish streak

After seeing its value gradually deteriorate over a record period of nine weeks, Bitcoin, the largest cryptocurrency on the market, has finally closed out a “green” week in the weekly charts.

Bitcoin traded at $32,249 at the close of the week. The Bitcoin open was Monday 30th. Bitcoin prices have risen since then, thanks to the rally.

Bitcoin continues to rally

Although investors are showing nervousness over the U.S. Inflation Data Report scheduled for Friday June 10th 2016, the Bitcoin price has continued to move towards greener pastures.

Bitcoin’s value has risen by 5.8% in the past 24 hours to reach $31,453 Investors are eager to see Bitcoin surpass resistance levels in order to trade at or above $32k in the case of a prolonged breakout.

This is the 24 hour chart of Bitcoin’s price (BTC). Source: CoinMarketCap

The Flipside

• Due to the collapse of Bitcoin’s rally, miners (known for their long-term investments) are now selling off tokens they have hoarded to make up losses.

Why you should care

A rally against the background of macroeconomic forces which have driven Bitcoin prices downwards ever since March mid-March may change Bitcoin’s sentiment.

Bitcoin’s growth is expected despite its poor performance in 2022. Learn more:

Bitcoin’s (BTC) Value Will Continue to Grow, Says Deutsche Bank Analyst (ETR:

JPMorgan (NYSE:): Bitcoin Undervalued, Has 30% Growth Potential

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