Bitcoin Forms Two Consecutive Weekly Hammer Candles for Rare Occurrence
Bitcoin (BTC) has experienced significant volatility recently, with notable price swings. Key points include:
- The week starting Feb. 24 saw a drop to $78,167 and a rise to $96,515, resulting in a 23% swing.
- The week beginning Mar. 3 recorded a low of $81,444 and a high of $94,415, marking a 16% swing.
- These price movements are characterized by hammer candles, where the wick comprises 90% of the total range.
- Historically, Bitcoin formed a weekly hammer candle with a 90% lower wick only five times, including during bull markets in 2017 and late 2021, as well as twice in 2023 and once in 2024.
While data lacks a clear cycle pattern, the 2017 correction suggests these formations may signal critical price trend turning points.