Bitcoin chart shows two consecutive weekly Hammer candles, which have only been seen a few times in BTC history
James Van Straten, CoinDesk Bot | Edited by Parikshit Mishra Updated Mar 6, 2025 11:02 AM UTC Published Mar 6, 2025 10:30 AM UTC
The last few weeks have been extremely volatile for Bitcoin (BTC), with price action showing wild swings. Over the last two weeks, Bitcoin has traded in an open-high, close-low candlestick pattern with double-digit percentage changes.
In the week beginning February 24, Bitcoin fell to a low of $78,167 and rose to a high of $96,515, representing a swing of 23%. The following week, beginning March 3, saw a low of $81,444 and a high of $94,415, representing a swing of 16%.
According to the definition of a Checkmate analyst, such significant candlestick formations are called hammer candles, where the lower or upper wick makes up 90% of the total price range, leaving a small body with a long wick.
Checkmate analysis shows that Bitcoin has formed a weekly hammer candle with a 90% wick only five times in its history. Those instances occurred during the 2017 bull run, the late 2021 bull market peak around $69,000, twice in 2023 — after the Silicon Valley bank crisis and again after the summer crash — and once in 2024, also during the summer lull.
While the data does not point to a clear pattern in Bitcoin’s cycle, the 2017 bull market correction stands out, which could mean that such formations have the potential to signal critical turning points in price trends.
Disclaimer : Portions of this article were generated using AI tools and reviewed by our editorial team to ensure accuracy and adhere to our standards. For more information, see CoinDesk’s full AI policy.
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