Bitcoin (BTC) is bouncing back this week as a sudden surge challenges weekly highs.
In what should provide some desperately needed confidence to bulls, BTC/USD is back at weekly highs on May 30, gaining several percent overnight.
In contrast to recent weekly closes, the May 29 candle managed to limit the downside and reverse course immediately as the new week began.
Nonetheless, Bitcoin has now sealed nine red weekly candles in a row, something never seen before in its history.
Just how bearish is the largest cryptocurrency going into June? The macroenvironment remains troubled, while retail interest is nowhere to be seen and calls for a deeper capitulation remain.
That said, should it continue its latest strength, Bitcoin still stands a chance of breaking out of its current trading corridor.
Cointelegraph takes a look at the factors primed to move the market in the coming days.
Can Bitcoin avoid 10 weeks of red?
Thanks to an unexpected but welcome U-turn overnight into May 30,...
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