Bitcoin records its eighth consecutive weekly red candle while Bitcoin prices limit weekend losses

Despite a lack of volatility over the weekend, the BTC/USD pair gave bulls little cause for celebration. Bitcoin (BTC) did little to please bears over the weekend as the May 22 weekly close appeared headed towards $30,000.

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

Following BTC/USD, which maintained a narrow range following the Wall Street trading week, data from Cointelegraph Markets Pro and TradingView was seen. Traders were hoping for a move to larger support or resistance levels next as volatility subsides. “Still wedged between the supply and demand zone .. Hoping for a break today so we have some juicy action to play with,” popular trader Crypto Tony said.

If the price of Bitcoin closes at current levels of $30,000, then BTC/USD will complete a record eighth consecutive red candle on the weekly chart.

There is also a chance that the World Economic Forum week may be overshadowed by market turmoil outside of the United States. According to Cointelegraph, the S&P 500 has already fallen 20% from its peak and has entered formal bear market territory. Bitcoin’s correlation to equities has been decreasing compared to previous months, according to PlanC, another popular Twitter account.

All About Bitcoin Pizza Day –

On May 22, 2012, however, the attention was diverted to a different price tale because Bitcoin Pizza Day arrived. On May 18, 2010, Laszlo Hanyecz, one of the first Bitcoin miners, bought two pizzas for 10,000 BTC and intended to sell them immediately for around $41 at the time.

Hanyecz’s trade became legendary, with his original posting advertising it on the Bitcointalk forum still active. Bitcoin was trading at under $0.0005 per coin and had appreciated by almost 1.38 billion percent to its all-time highs of $69,000 eleven and a half years later. According to a dedicated tracking mechanism, Hanyecz’s purchase was worth over $295 million as of May 22.

Bitcoin Pizza Index – Source: Bitcoin Pizza Index

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