Bitcoin Target Hits 8th Weekly Red Candle, BTC Price Limits Weekend Loss


Bitcoin (BTC) gave little joy to the bears over the weekend as its weekly close on May 22nd looks set to revolve around $30,000.

BTC/USD 1-Hour Candle Chart (Bitstamp). Source: TradingView

Waiting for Bitcoin to “make a decision”

Cointelegraph Markets Pro and trading view It followed BTC/USD while maintaining a narrow range after Wall Street trading week.

In the absence of volatility, traders hoped to move to the next larger support or resistance area.

“It’s still stuck between the supply and demand realms. We can do some fun things in the hopes of taking a break today,” said popular trader Crypto Tony. summaryNote that the up and down targets are around $27,900 and $31,000 respectively.

Meanwhile, Cointelegraph contributor Michaël van de Poppe said He predicted “Bitcoin’s green numbers” next week.

Meanwhile, BTC/USD would still seal a record eighth consecutive red candle on the weekly chart if it closes at its current level of $30,000.

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BTC/USD One Week Candle Chart (Bitstamp). Source: TradingView

The World Economic Forum’s week could also be overshadowed by external market turmoil, Cointelegraph noted that the S&P 500 is already down 20% from its highs to enter official bear market territory.

Fellow popular Twitter account PlanC nonetheless believes that Bitcoin and stocks are not correlated. decrease compared to the previous month.

Bitcoin Pizza Day is here

However, since May 22 was the infamous Bitcoin Pizza Day, more attention was paid to other price stories that day.

RELATED: Bitcoin Pizza Day Rewind: A tribute to the weird and cool BTC buying

On May 18, 2010, Laszlo Hanyecz, one of the first Bitcoin miners, bought two pizzas for a total of 10,000 BTC and said they could sell them for around $41 at the time.

Hanyecz’s move became a legend as his original post advertised it. Bitcoin Talk Forum still alive

Bitcoin then traded below $0.0005 per coin, after which it rose about 1.38 billion percent, reaching an all-time high of $69,000 11 and a half years later.

According to the dedicated monitoring resource Bitcoin Pizza Index, Hanyecz’s purchase amounted to $295 million as of May 22nd.

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Bitcoin Pizza Index (screenshot). Source: Bitcoin Pizza Index

The views and opinions expressed herein are solely those of the authors and do not necessarily reflect the views of Cointelegraph.com. All investments and trading involve risks and you should do your own research when making decisions.

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