Bitcoin targets record 8th weekly red candle while BTC price limits weekend losses

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Bitcoin (BTC) gave less joy over the weekend as the weekly close of May 22 was set to hover around $30,000.

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

Waiting for Bitcoin to “Make a Decision”

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it closed a narrow range after the Wall Street trading week.

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With volatility absent, traders expected to move into larger areas of support or resistance next.

Popular Trader Crypto Tony “Still in the middle of a supply and demand zone.. A break is expected today so we have some juicy action to play” AbbreviationUpper and lower targets were near $27,900 and $31,000, respectively.

Meanwhile, Cointelegraph contributor Michael van de Pope said That he expects “green numbers for bitcoin” in the coming week.

Should it close the current level of $30,000, meanwhile, BTC/USD will still record its eighth consecutive red candle on the weekly chart.

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

The week of the World Economic Forum could also be affected by external market turmoil, Cointelegraph said, adding that the S&P 500 had already lost 20% from its peak to enter official bear market territory.

Fellow popular Twitter account PlanC nonetheless noted that bitcoin has been correlated with equities. decreasing compared to previous months.

Bitcoin Pizza Day is Here

That day focused more on a different price story, however, as May 22 marked the infamous Bitcoin Pizza Day.

RELATED: Bitcoin Pizza Day Rewind: Tribute to the Weird and Wonderful BTC Buying

On May 18, 2010, one of the earliest bitcoin miners, László Haníez, bought two pizzas for a total of 10,000 BTC, stating at the time that he could alternatively sell the stash for around $41.

Hanyecz’s move became legendary, as his original post is still live on the Bitcointalk forums.

Back then bitcoin was trading at less than $0.0005 per coin, with bitcoin appreciating nearly 1.38 billion percent since then and reaching its all-time high of $69,000 eleven and a half years later.

Hanyecz purchases stood at $295 million as of May 22, according to the Bitcoin Pizza Index, a dedicated monitoring resource.

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

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, so you should do your own research when making a decision.