Bitcoin has achieved an eight consecutive daily gains streak for the first time in four years, marking a significant milestone in cryptocurrency performance. According to reports from CoinDesk, the ascent began on March 9 when bitcoin was trading around $68,000, with prices inching higher each day to hit highs above $75,000 early Tuesday. This rally has coincided with heightened geopolitical tensions following the escalation of conflict in the Middle East at the end of February, during which bitcoin has emerged as one of the best performing major assets. The momentum has now extended further, with Bitcoin trading above $73,000 as of Monday following a bullish breakout from the consolidation pattern it had been trading since roughly the past six weeks.
Institutional demand for Bitcoin remained exceptionally strong last week, with spot Bitcoin ETFs recording inflows of $767.33 million, according to SoSoValue data. This follows $568.45 million positive flows the previous week, marking the third consecutive week of inflows despite markets being cautious due to the US-Israel war on Iran. The sustained institutional interest indicates growing investor confidence and supports the positive technical outlook for Bitcoin's continued upward trajectory.
Historical data reveals that 15 instances of bitcoin producing at least eight consecutive days of gains have occurred, with mixed results in the following 30-day periods. As reported by Glassnode, bitcoin was higher nine times and lower six times in these subsequent periods, suggesting a modest bullish bias but far from certainty. The median return over these 30-day periods is approximately +19%, highlighting that when momentum does continue, the upside can be significant. The longest streak of consecutive daily gains remains 12 days, recorded during the 2017 bull market, with several occurrences of ten-day winning streaks.
Bitcoin has broken above the upper consolidation range it had been trading since early February, with the price pushing further above the 50-day Exponential Moving Average (EMA) around $72,800. The Relative Strength Index (RSI) on the daily chart at 59 shows firm positive momentum without overbought conditions, while the Moving Average Convergence Divergence (MACD) line is holding above the signal line in positive territory. Technical analysis suggests the breakout target above $78,000 based on the channel's distance, with a sustained close above this area potentially opening the way to near $80,000, the 100-day EMA. Initial support aligns near $72,600, followed by deeper cushions around $70,900 and $68,800.
The percentage of Bitcoin on exchanges has dropped to its lowest level since November 2017, according to Santiment data, suggesting fewer coins are available for sale. This falling exchange supply generally supports the bullish case for Bitcoin as it signals reduced sell pressure, with growing demand under these conditions potentially tightening available market supply and supporting higher prices. Despite the current winning streak's positive momentum, 2022 parallels and cycle dynamics suggest caution may be warranted before expecting further gains, as both cycles sit in the contraction stage of bitcoin's four-year halving cycle.