Bitcoin (BTC<\/a>) threatened to continue an unprecedented losing streak on May 29 as BTC\/USD stayed in a right intraday range.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0flagged the largest cryptocurrency heading for nine weeks of downtrend in a row \u2014 the most in history.<\/p>\n Already at a dubious record, Bitcoin\u2019s weekly chart closes provided the backdrop to a weakness that continued to disappoint analysts<\/a> over the weekend.<\/p>\n Even stock markets, troubled by central bank tightening, managed to put in gains over the week<\/a>, while Bitcoin and the majority of altcoins added to losses.<\/p>\n \u201cMost concerning has been the divergence between Equities and Crypto. S&P and NASDAQ have traded about 10% higher since 20 May lows while both BTC and ETH have traded lower in the same period,\u201d trading firm QCP Capital wrote to subscribers of its markets newsletter, the latest edition of which was released on May 29:<\/p>\n \u201cThis is not the direction of decoupling we were hoping for!\u201d<\/p><\/blockquote>\n QCP echoed existing sentiment<\/a> over Bitcoin\u2019s underperformance compared to previously highly-correlated equities.<\/p>\n Continuing the idea, popular Twitter account Il Capo of Crypto forecast fresh pressure thanks to those indexes now encountering sell-side friction of their own.<\/p>\n \u201cLast time SPX rallied making a new high while $BTC was making lower highs, we saw bearish continuation once SPX reversed. Now SPX is at resistance,\u201d a post on the day read<\/a>.<\/p>\n With that, BTC\/USD was primed to end the month down around 22%. <\/p>\n Related:\u00a0Small Bitcoin whales may be keeping BTC price from ‘capitulation’ \u2014 analysis<\/a><\/em><\/strong><\/p>\n This would make May 2022 the second-worst May in Bitcoin\u2019s history, data from on-chain monitoring resource Coinglass confirmed<\/a>.<\/p>\n Analysis of downtrends over time meanwhile revealed that the current descent from highs was the fourth-longest ever, now at 200 days.<\/p>\n Noted by analyst Matthew Hyland, the longest-ever such downtrend occurred in 2014-15 and lasted more than twice as long.<\/p>\n #Bitcoin<\/a> is currently in its 4th longest downtrend in its entire history: pic.twitter.com\/bnT8uXIOsb<\/a><\/p>\n \u2014 Matthew Hyland (@MatthewHyland_) May 29, 2022<\/a><\/p><\/blockquote>\n As Cointelegraph further reported, historical patterns dictate that a period of sideways price action<\/a> could now continue, followed only later by a capitulation event and macro bottom.<\/p>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/3e39be6d-6a8d-4978-b244-4d7162a4af66.png\")
Stocks correlation offers no comfort to BTC bulls<\/h2>\n
Bitcoin faces the \u201cdarling dips of May\u201d<\/h2>\n
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