![Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $29,422](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2022/06/bitcoin-analysis.jpg&w=70&h=37&q=75)
Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $29,422
Bitcoin has printed 9 red weekly candles since March 2022 but is within an achievable range to avoid reaching 10 in a row.
![Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $29,422](https://cryptoslate.com/wp-content/uploads/2022/06/bitcoin-analysis-768x403.jpg)
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin can avoid a 10th weekly red candle in a row if it closes above $29,422 on Sunday night, June 5. The past 9 weeks have seen Bitcoin continue to close out the week down on the week before. The previous record was 6 red weeks until Bitcoin broke it in late May.
![bitcoin weekly candle](https://cryptoslate.com/wp-content/uploads/2022/06/Screenshot-2022-06-04-at-16.00.12.png)
At the time of writing, the price of Bitcoin is $29,788, and it needs to stay above $29,422 to avoid 10 red candles in a row. The current price has acted as resistance to further downward movement since it broke up in December 2020.
![bitcoin resistance](https://cryptoslate.com/wp-content/uploads/2022/06/Screenshot-2022-06-04-at-16.16.38.png)
As can be seen from the chart above. The last time Bitcoin dropped around the $30k level; it only wicked down on the weekly timeframe. Each time Bitcoin dropped below $30k in 2021, it closed above $31,683, yet it has not reached that price since May 9. The next resistance would be one setback in 2019 at around $8,000.
While no one predicts a drop to 2019 levels, the current price point means Bitcoin is moving into unchartered territory. The all-time high of Bitcoin during the last cycle was $19,740, and it has never touched the all-time high from a previous cycle. 2017’s all-time should act as extreme resistance from bulls’ not wanting to show weak price action by invalidating a continuing bullish trend.
Update 5 pm GMT June 6 : Corrected price target for weekly candle ย
Bitcoin Market Data
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