Bitcoin targets record eighth weekly red candle while BTC cost limits weekend losses

Bitcoin (BTC) gave bears little pleasure over the past weekend because the May 22 weekly close looked set to center around $30,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Awaiting Bitcoin to “come to a decision”

Data from Cointelegraph Markets Pro and TradingView adopted BTC/USD because it held a narrow range following the Wall Street buying and selling week.

With volatility absent, traders wished for any proceed to bigger regions of support or resistance next.

“Still wedged between your demand and supply zone .. Wishing for any break today so we’ve got some juicy action to experience with,” popular trader Crypto Tony summarized, noting upside and downside targets were around $27,900 and $31,000, correspondingly.

Cointelegraph contributor Michaël van de Poppe meanwhile stated he expected “green figures for Bitcoin” within the coming week.

Should it close at current amounts of $30,000, meanwhile, BTC/USD would still seal an archive eighth consecutive red candle around the weekly chart.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

A few days around the globe Economic Forum could likewise be overshadowed by exterior market turmoil, Cointelegraph noting the S&ampP 500 had lost 20% from the peak to go in official bear market territory.

Fellow popular Twitter account PlanC nevertheless noted that Bitcoin’s correlation to stocks have been decreasing when compared to previous several weeks.

Bitcoin Pizza Day is here now

Attention was focused on the different cost story at the time, however, as May 22 marked the infamous Bitcoin Pizza Day.

Related: Bitcoin Pizza Day rewind: A homage to strange BTC purchases

On May 18, 2010, Laszlo Hanyecz, among the earliest Bitcoin miners, purchased two pizzas for as many as 10,000 BTC, saying at that time he could alternatively sell the stash for approximately $41.

Hanyecz’s move grew to become legendary, together with his original publish advertising it around the Bitcointalk forum still live.

Then buying and selling for less than $.0005 per gold coin, Bitcoin since appreciated by roughly 1.38 billion percent to achieve its all-time highs of $69,000 eleven-and-a-half years later.

Based on dedicated monitoring resource, the Bitcoin Pizza Index, Hanyecz’s purchase was worth $295 million by May 22.

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

The views and opinions expressed listed here are exclusively individuals from the author and don’t always reflect the views of Every investment and buying and selling move involves risk, you need to conduct your personal research when making the decision.

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