Another red weekly close for Bitcoin, why a rebound is on the horizon

Bitcoin managed to break out of its red streak earlier in the year after closing 11 consecutive red weeks. With the market recovering, digital assets are starting to come back off some green weekly. That is until the market corrected, and Bitcoin lost nearly $4,000 from its peak value. This resulted in a weekly close for the previous week, and although it looked like a recovery might be on the horizon, Bitcoin recorded another red weekly close.

Off the two reds, over the past few weeks, Bitcoin has seen some incredible movements that have restored confidence in the market. The cryptocurrency rose as high as $25,200 before being pulled back by the bears. Nevertheless, the cryptocurrency maintains a strong bullish trend, albeit at much lower price levels.