Many traders watching Bitcoin (BTC) price action during Friday’s European trading session were a little confused, and for good reason. If you look at the candlestick chart for the BTC/USD trading pair on Coinbase, you’ll see 14 green hourly candles, meaning that Bitcoin has risen every hour for the past 14 hours. These hourly candles occurred during the Bitcoin price rally from $91,771 to $95,283. This trend began at 21:00 UTC on January 9 and continued until 10:00 UTC on January 10.
Vetle Lunde, senior analyst at K33 Research, crunched the data to find out when this was the last time this happened. Currently, this is the longest streak of hourly green candles since at least January 1, 2017, when 11 green candles appeared. However, this isn’t the first time we’ve seen consecutive double-digit green hourly candles recently. Bitcoin's chart has seen similar patterns on January 14, 2023 (11), February 26, 2024 (11), and November 12, 2024 (11). The 15th hourly candle is currently red and could end this trend, which will end at 12:00 UTC.
