Bitcoin Records a Ninth Consecutive Losing Week

Bitcoin completed a ninth consecutive losing week on May 29, 2022, extending what contemporaneous market coverage identified as the longest such sequence in the cryptocurrency’s trading history. CoinMarketCap’s historical snapshot placed its aggregated U.S.-dollar reference price at $29,445.96, down 2.89% over seven days.

The record captured more than an unusual chart pattern. Bitcoin had fallen through nine successive Sunday-to-Sunday observations while investors confronted tighter financial conditions and the disruption caused by the May collapse of TerraUSD and LUNA. The persistence of the decline showed that the market had not recovered its late-March footing even after the most disorderly phase of the Terra selloff had passed.

What the market data shows

CoinMarketCap’s Sunday historical snapshots form a consistently dated, although aggregated, measurement series. Bitcoin was quoted at $46,820.49 on March 27; $46,453.57 on April 3; $42,207.67 on April 10; $39,716.95 on April 17; $39,469.29 on April 24; $38,469.09 on May 1; $34,059.26 on May 8; $31,305.11 on May 15; $30,323.72 on May 22; and $29,445.96 on May 29.

Each of the nine observations after March 27 was below the preceding Sunday’s figure. Coinburn calculates a 37.11% decline from the March 27 snapshot to the May 29 snapshot: $29,445.96 divided by $46,820.49, minus one. That calculation describes the selected CoinMarketCap series; it is not a universal Bitcoin closing return.

CoinMarketCap also reported a $561.03 billion Bitcoin market capitalization and $18.09 billion in trailing 24-hour volume in its May 29 snapshot. Those figures were estimates derived from the provider’s price, supply and venue inputs, not audited balance-sheet measurements.

Why nine weeks mattered

The sequence began after Bitcoin approached $48,000 in late March. By May 29, the asset was trading below $30,000 on CoinMarketCap’s snapshot, leaving a succession of failed weekly recoveries rather than one isolated liquidation event.

The institutional context was unusually difficult. The Federal Reserve had raised its target range by 50 basis points on May 4, and expectations of tighter dollar liquidity were pressuring speculative assets. Crypto markets then absorbed a separate confidence shock when TerraUSD lost its intended dollar parity and LUNA’s value collapsed during May. Bitcoin’s nine-week decline cannot be assigned to either factor alone, but the overlapping macroeconomic and crypto-specific stresses were both visible to market participants by May 29.

The record did not prove that Bitcoin had reached a durable bottom, nor did it provide a trading signal. It established that selling pressure had persisted across a longer weekly sequence than earlier Bitcoin market histories had recorded.

Measurement limits

Cryptocurrency trades continuously and has no single official closing auction. A weekly candle depends on the exchange, currency pair, data aggregation method, timezone and boundary selected. Coinbase’s official documentation, for example, defines candles as venue-specific buckets containing the first and final trades and warns that historical intervals can be incomplete when no ticks occur.

Coinburn therefore treats $29,445.96 as CoinMarketCap’s May 29 aggregated snapshot, not as the definitive close for every BTC/USD venue. Contemporary chart services reported slightly different weekly endpoints while agreeing on the nine-week direction.

Later confirmation

CoinDesk reported on May 30, 2022 that Bitcoin had declined for nine straight weeks for the first time in its history, describing a move from roughly $48,160 in late March to approximately $29,600 at the end of the May 29 week. That next-date report confirms the contemporaneous interpretation without importing later market outcomes into the May 29 record.