Bitcoin (BTC) Ends 427-Day Winning Streak with a 14.74% Crash to $53.5k

Capriole Investments' crypto analyst Charles Edwards reported this milestone on X, highlighting Bitcoin's 427-day winning streak without a 25% drawdown.

Bitcoin (BTC) price dropped to a four-month low on Friday as a three-day 14.74% crash brought BTC/USD to a floor of $53,540.

In the last 30 days, BTC lost over 25% of its market value, ending an all-time “longest winning streak.”

Capriole Inv crypto analyst Charles Edwards reported this milestone on Friday, highlighting Bitcoin’s 427-day winning streak without a 25% drawdown.

Essentially, it is the first time in history that Bitcoin has gone without such a correction for 427 days.

Edwards called it a “pretty incredible run” and a “well overdue correction” for the leading cryptocurrency.

Previously, Bitcoin went through 364 days (one year) without retracing more than 25% in 2012. It is worth noting that, after this previous winning streak and correction, Bitcoin entered an even more aggressive bull rally, making record highs.

Crypto market crash and liquidations

As reported by Finbold, cryptocurrency traders have lost more than $662 million in liquidations from July 4 to 5. Of that, 85% were long-position liquidations, and Bitcoin dominated those by 35%.

The crash started on July 3, with the crypto total market cap index by TradingView (TOTAL) marking a $2.25 trillion capitalization back then and going as low as $1.90 trillion this morning as traders began panic selling.

The drop represents a $311 billion market cap loss in approximately 60 hours, being one of the worst hits recently.

Bitcoin price analysis, macroeconomics, and sell-offs

Overall, Bitcoin went from $72,000 28 days ago to a low of $53,542 this Friday. The cryptocurrency lost 25.67% after a resistance rejection and broke down from the four-month range’s support of $60,000.

As of this writing, BTC trades at $55,270 and will retest the price range.

Interestingly, the published United States macroeconomic data suggests a weakening labor market. Non-farm payrolls show 206,000 new jobs added this month, 12,000 less than in June. Moreover, the unemployment rate came above expectations at 4.1%. This fuels fears of an impending recession in the U.S., which could make the Federal Reserve reconsider its aggressive interest rate policy.

Thus, Bitcoin could benefit from this data, renewing investors’ confidence amid massive sell-offs from Mt. Gox and Germany that triggered panic sales over the market.

As all this developed, traders expect increased volatility for crypto assets in the coming days, requiring extra caution with leverage positions moving forward.

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