Bitcoin hits its eighth weekly red candle as BTC price caps weekend losses

Bitcoin hits its eighth weekly red candle as BTC price caps weekend losses

Bitcoin (BTC) gave bears little joy over the weekend as the weekly close on May 22 appeared to hover around $30,000.

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

Waiting for Bitcoin to “make a decision”

Data from Cointelegraph Markets Pro and TradingView followed the BTC/USD pair as it remained in a tight range following weekly Wall Street trading.

In the absence of volatility, traders were expecting a move into broader support or resistance zones next.

“Still stuck between the bid and ask zone…Waiting for a breakout today so we have some juicy stock to play with,” summarized popular Crypto trader Tony, noting that the upside and downside targets were around $27,900 and $31,000, respectively.

For his part, Michaël van de Poppe, a contributor to Cointelegraph, said that he was expecting “green numbers for Bitcoin” over the next week.

Should it close at current levels of $30,000, meanwhile, BTC/USD would continue to close a record eighth consecutive red candle on the weekly chart.

Bitcoin hits its eighth weekly red candle as BTC price caps weekend losses
BTC/USD 1-week candlestick chart (Bitstamp). Source: TradingView

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

However, the popular PlanC Twitter account noted that Bitcoin’s correlation with stocks had diminished compared to previous months.

Bitcoin Pizza Day is here

However, the focus was more on a different price story on the day, as May 22 marked the famous Bitcoin Pizza Day.

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On May 18, 2010, Laszlo Hanyecz, one of the earliest Bitcoin miners, bought two pizzas for a total of 10,000 BTC, saying at the time that he could sell the loot for about $41.

Hanyecz’s move became the stuff of legend, and his original post announcing it on the Bitcointalk forum lives on.

Bitcoin, then trading at less than $0.0005 per coin, has since appreciated by roughly $1.38 billion to hit its all-time high of $69,000 eleven and a half years later.

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

Bitcoin hits its eighth weekly red candle as BTC price caps weekend losses
Bitcoin Pizza Index (screenshot). Source: Bitcoin Pizza Index

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