Eighth Weekly Red Candle Bitcoin Targets Recorded as BTC Price Limits Weekend Losses

Eighth Weekly Red Candle Bitcoin Targets Recorded as BTC Price Limits Weekend Losses

Bitcoin (BTC) was a little overjoyed at the weekend, as the May 22 weekly close seemed to be about $ 30,000.

One hour candle chart of the BTC / USD (Bitstamp) pair. Source: Trade View

Waiting for bitcoin to “make a decision”

Data from Cointelegraph Markets Pro and TradingView tracked the BTC / USD pair as it was within a narrow range after Wall Street trading week.

With no volatility, traders expected to move to larger support or resistance areas soon.

“Still stuck between supply and demand zone … Looking forward to breaking out today so we can take some absorbing action,” he said. abstract Crypto trader Tony was noted, noting that the upside and downside targets were around $ 27,900 and $ 31,000 respectively.

Time for #Bitcoin to decide?
– Matthew Hyland (@MatthewHyland_) May 21, 2022

Michaël van de Poppe, meanwhile, contributed to Cointelegraph declared that he was expecting “green numbers for bitcoin” in the coming weeks.

If it closed at current levels of $ 30,000, the BTC / USD pair would seal the eighth consecutive red candle on the weekly chart.

Weekly candle chart of BTC / USD pair (Bitstamp). Source: Trade View

The week of the World Economic Forum could also be overshadowed by external market turmoil, with Cointelegraph noting that the S&P 500 had already fallen 20% from its peak to officially enter bear market territory .

Another famous Twitter account, PlanC, however, noted the correlation between bitcoin and stocks reductions compared to previous months.

Bitcoin Pizza Day is here

Other price news, however, turned to attention as May 22 marked the infamous Bitcoin pizza Day.

See also: Bitcoin Pizza Day Gets Time Back: A Tribute to Strange and Fantastic BTC Purchases

On May 18, 2010, Laszlo Hanyecz, one of the first bitcoin miners, bought two pizzas for a total of 10,000 BTC, saying at the time that he could also sell his stash for about $ 41.

Hanyecz’s gesture has become legendary, and his original post on the Bitcointalk forum is still there today.

Trading at less than $ 0.0005 per coin so bitcoin has appreciated about 1.38 billion percent since then to reach a record high of $ 69,000 eleven and a half years later.

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

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

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of All investments and stock market transactions involve risk. You should do your own research before making a decision.

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