Many traders were watching the bitcoin (BTC) price action during European time on Friday, a little confused, and rightly so.
If you look at the candlestick chart for the BTCUSD pair on Coinbase, you will see fourteen green candles per hour, which means that in the last 14 hours Bitcoin made gains every hour.
The hourly candles occur when the price of BTC has risen from $91,771 to $95,283. The trend started on January 9 at 21:00 UTC and continued until 10:00 UTC on January 10.
The unusual price chart has left X traders perplexed.
Vetle Lunde, senior analyst at K33 Research, gathered data on when this last happened. This is currently the longest streak of hourly green candles since at least January 1, 2017, when it reached 11.
But it’s not the first time we’ve seen double-digit hourly green candles in recent times. Bitcoin charts have also shown similar patterns on January 14, 2023 (11), February 26, 2024 (11), and November 12, 2024 (11).
The 15th hourly candle is currently in red which could end this trend and will end at 12:00 UTC.
