Bitcoin Price May Break Longest Weekly Losing Run Since November

Bitcoin is flashing double-digit gains on a week-to-date basis putting it on track to end its longest weekly losing run in nine months.

AccessTimeIconSep 6, 2019 at 11:03 a.m. UTC
Updated Sep 13, 2021 at 11:25 a.m. UTC


  • Bitcoin is likely to end the current week (Sunday, UTC) on a positive note, having registered losses in the previous three weeks. Prices are currently up 10 percent on a month-to-date basis.
  • The weekly gain could be much bigger if prices invalidate a bearish lower highs pattern with a UTC close above $10,956 (Aug. 20 high).
  • BTC may end the week on a flat note or with losses below $9,767 (Monday's opening price) if the recent trading range of $10,400-$10,800 is breached to the downside.
  • A range breakdown would put the bears in a commanding position and open the doors for a drop below $10,000.

Bitcoin (BTC) is flashing gains on a week-to-date basis and appears on track to end its longest seven-day losing run in nine-months.

The top cryptocurrency is currently trading at $10,750, representing 10 percent gains on the weekly (Monday) opening price of $9,767, according to Bitstamp data.

The price rise is preceded by three consecutive weekly losses – the cryptocurrency fell 3.67 percent in the seven days to Aug. 31, having dropped 10.49 percent and 1.77% in the preceding two weeks.

BTC last chalked out losses for three straight weeks in November 2018. Back then, the cryptocurrency had dropped 1, 12.56 and 29.15 percent in the first, second and the third week, respectively.

CoinDesk - Unknown

Compared to that, the latest losing streak looks less damaging and is a part of a multi-week consolidation, representing bullish exhaustion following a stellar rally from $4,000 to $13,800 in the second quarter.

If prices print a UTC close above $9,767 on Sunday, the three-week downward trend will end. Meanwhile, BTC will chart its first four-week losing run in three years if prices close below $9,767 on Sunday.

That said, BTC is likely to eke out weekly gains, according to historical data.

CoinDesk - Unknown

As seen above, BTC charted multiple three-week losing runs throughout the 2018 bear market.

However, despite the strong bearish mood, the cryptocurrency repeatedly managed to stall the sell-off by scoring gains in the fourth week, although more often than not, the relief was short-lived.

As of now, BTC is in a bull market. Further, trading volumes dropped over the last three weeks, a sign of a bear trap.

That said, the probability of BTC closing the week with losses or on a flat note will rise if the recent trading range of $400 is breached to the downside in the next 24 hours or so.

4-hour and daily chart

CoinDesk - Unknown

BTC has been largely restricted to a $10,400 to $10,800 trading range (above left) since Sept. 3. Essentially, the rally from Aug. 29's low of $9,360 has run out of steam.

A high-volume break above $10,800 would imply a resumption of the rally from $9,360 and could yield a break above $11,000.

A more reliable indicator of bullish revival would be a UTC close above the lower high of $10,956 created on Aug. 20 (above right), as discussed yesterday.

A bullish close above $10,956, if confirmed, would open the doors to $12,000. The weekly gain could be much higher than the current 10 percent if prices close above $10,956 today or tomorrow.

The weekly gain, however, would be meager or the cryptocurrency may close the week in the red if prices drop below $10,400 with high volumes.

A high-volume range breakdown would mean victory for the sellers in the ongoing tug of war with the bulls. As a result, prices could fall back into four figures – more so, as key weekly indicators like the moving average convergence divergence histogram have turned bearish for the first time since February.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC