Many traders were watching the Bitcoin (BTC) price action during the European hours on Friday, slightly confused and for good reason.
A glance at the candlestick chart for the BTC/USD pair on Coinbase reveals an impressive fourteen consecutive green hourly candles, indicating that Bitcoin has posted gains each hour for the last 14 hours.
This upward trend has seen the BTC price increase from $91,771 to $95,283, commencing on January 9 at 21:00 UTC and extending through to 10:00 UTC on January 10.
This unusual price chart has left traders on platforms like X perplexed and on high alert.
Vetle Lunde, a Senior Analyst at K33 Research, compiled significant data points that suggest this is the longest streak of hourly green candles since at least January 1, 2017, when the market experienced a stretch of 11.
However, this is not the first time double-digit hourly green candles have appeared in recent history. Bitcoin charts have shown similar patterns on January 14, 2023 (11), February 26, 2024 (11), and November 12, 2024 (11) as well.
As it stands, the fifteenth hourly candle is currently red, possibly signaling the end of this remarkable trend, with its conclusion expected at 12:00 UTC.
