K33 Research highlights that such sustained price action is a rare occurrence, only seen a handful of times since 2017.
Bitcoin (BTC) was the focus of traders on Friday, particularly during European trading hours, as its price movement left many in disbelief.
Looking at the candlestick chart for the BTCUSD pair on Coinbase, a striking pattern emerged: 14 consecutive green hourly candles. This means that in the past 14 hours, Bitcoin experienced hourly gains without interruption. The rally began at 21:00 UTC on January 9 and stretched through to 10:00 UTC on January 10, lifting the price from $91,771 to $95,283.
This remarkable price action sparked plenty of conversation among traders on X, as they tried to make sense of the movement.
Vetle Lunde, Senior Analyst at K33 Research, dug into historical data to uncover when this phenomenon last occurred. According to Lunde, this marks the longest green hourly candle streak since January 1, 2017, when Bitcoin posted 11 consecutive gains.
However, Bitcoin has seen similar price movements in recent years, such as on January 14, 2023 (11 green candles), February 26, 2024 (11), and November 12, 2024 (11). Despite these occurrences, each has been a rare event.
The current streak may come to an end, as the 15th hourly candle has turned red, with the 15th closing at 12:00 UTC, potentially signaling the trend’s end.
