After an impressive two-week rally, Bitcoin has recorded its first red candle on Jan. 18, signaling the conclusion of its record-breaking streak.
The day prior, BTC was on a trajectory to potentially outdo its November 2013 milestone of fifteen consecutive days with positive price movement – the longest streak ever.
Despite not eclipsing the record, Bitcoin still achieved its longest winning streak since 2013 – in a “ridiculous” run-up, According to some prominent voices on Twitter.
” One red daily candle doesn’t erase 2 weeks of bullish green candles. We needed one already, that up only run was ridiculous. It’s as bad as celebrating a bounce after missing a whole move down (I’ve done it). I expect you will give the bears the same treatment.”
The primary catalyst for the undesirable market movements seemed to be a foreboding announcement by the United States Department of Justice (DOJ) earlier on Jan. 18, saying it would “announce an international cryptocurrency enforcement action.”
Although many conjectured that the action was taken against a well-known crypto or exchange firm.
However it ultimately transpired to be directed at Bitzlato, an obscure Hong Kong based exchange with connections to Russia. The company’s creator, Anatoly Legkodymov has also been apprehended in this situation.
With this news and the following sell-off, it may have been speculated that BTC will continue its downward trend – or at least stagnate for some time. But the leading cryptocurrency quickly bounced back, regaining momentum and climbing to a new high.
