- August 12, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Quick Take
Bitcoin began the week with a dip below $60,000, continuing a trend observed in the 33rd week of the year, which has historically been unfavorable for the digital asset. Data from Coinglass shows that Bitcoin has typically declined by an average of 1% over the past decade during this week, though 2013 was an outlier with a strong performance.
Since then, Bitcoin has experienced three double-digit drawdowns in the 33rd week. Recently, the 31st week of the year saw a 15% drop, and in week 32, Bitcoin briefly touched $49,000, marking a significant 38% decline from its all-time high.
| Year | 33rd week |
|---|---|
| 2024 | -0.21% |
| 2023 | -10.57% |
| 2022 | -11.49% |
| 2021 | +4.77% |
| 2020 | -2.19% |
| 2019 | -1.90% |
| 2018 | +2.71% |
| 2017 | +0.05% |
| 2016 | +2.07% |
| 2015 | -12.07% |
| 2014 | +2.66% |
| 2013 | +13.96% |
| Average | -0.98% |
Ethereum has also shown a consistent pattern of negative performance during the 33rd week, with an average drawdown of 5% since 2016. This trend highlights the challenging environment for cryptocurrencies during this period.
| Year | 33rd week |
|---|---|
| 2024 | +1.18% |
| 2023 | -8.42% |
| 2022 | -16.39% |
| 2021 | -2.13% |
| 2020 | -9.97% |
| 2019 | -4.41% |
| 2018 | -5.91% |
| 2017 | +0.54% |
| 2016 | +0.39% |
| Average | -5.01% |
On a broader scale, US inflation data is set to be released on Aug. 13 and 14. According to Trading Economics, expectations are for the headline year-over-year inflation rate to decrease slightly to 2.9%, with core inflation also expected to decline to 3.2%. This anticipated decrease could be positive news for markets. Additionally, most Q2 earnings reports have been released, providing further context for market movements in both tech stocks and Bitcoin-related companies.
The post Bitcoin dips below $60,000 in historically challenging 33rd week appeared first on CryptoSlate.
