Tuesday, December 6, 2022

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


Bitcoin (BTC) gave bears little pleasure over the weekend because the May 22 weekly shut regarded set to revolve round $30,000.

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

Waiting for Bitcoin to “decide”

Data from Cointelegraph Markets Pro and TradingView adopted BTC/USD because it held a slim vary after the Wall Street buying and selling week.

With volatility absent, merchants hoped for a transfer to bigger areas of help or resistance subsequent.

“Still wedged between the supply and demand zone .. Hoping for a break today so we have some juicy action to play with,” well-liked dealer Crypto Tony summarized, noting upside and draw back targets have been round $27,900 and $31,000, respectively.

Cointelegraph contributor Michaël van de Poppe in the meantime said that he anticipated “green numbers for Bitcoin” over the approaching week.

Should it shut at present ranges of $30,000, in the meantime, BTC/USD would nonetheless seal a record eighth consecutive red candle on the weekly chart.

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

The week of the World Economic Forum may likewise be overshadowed by exterior market turmoil, Cointelegraph noting that the S&P 500 had already misplaced 20% from its peak to enter official bear market territory.

Fellow well-liked Twitter account PlanC nonetheless famous that Bitcoin’s correlation to shares had been decreasing in comparison with the earlier months.

Bitcoin Pizza Day is right here

Attention was extra targeted on a distinct price story on the day, nonetheless, as May 22 marked the notorious Bitcoin Pizza Day.

Related: Bitcoin Pizza Day rewind: A homage to weird and wonderful BTC purchases

On May 18, 2010, Laszlo Hanyecz, one of many earliest Bitcoin miners, bought two pizzas for a complete of 10,000 BTC, saying on the time that he may alternatively promote the stash for round $41.

Hanyecz’s transfer grew to become legendary, together with his authentic submit promoting it on the Bitcointalk forum nonetheless reside.

Then buying and selling at underneath $0.0005 per coin, Bitcoin since appreciated by roughly 1.38 billion % to achieve its all-time highs of $69,000 eleven-and-a-half years later.

According to devoted monitoring useful resource, the Bitcoin Pizza Index, Hanyecz’s buy was value $295 million as of May 22.

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

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer entails threat, it’s best to conduct your personal analysis when making a choice.