The price of Bitcoin provided the bears with little joy throughout the weekend, as the weekly close on the 27th of May looked pretty set to revolve at a price around $30,000. According to data that was recorded from TradingView and Cointelegraph Markets Pro, it was understood that the current USD/BTC exchange held quite a narrow range after the trading week on Wall Street. With price volatility relatively absent, most of the traders had been hoping for a move towards further areas of resistance or support next.
Bitcoin Has Gone Ahead and Target Its 8th weekly Candle
Crypto Tony, a popular trader went on to summarize that Bitcoin was still pretty wedged between the demand and the supply zone. But, most crypto traders were looking closely for a break that would lead to some juicy action to deal with. This statement was made after noting the downside and upside targets- which were around $27,900 and $31,000 respectively. Michael van de Poppe, a contributor for Cointelegraph stated that he expected the cryptocurrency to churn out green numbers over the week.
If the price of Bitcoin was to close at levels of $30,000, the USD/BTC exchange would still be effectively sealing a record eighth consecutive red candle on the weekly chart. This could also result in the World Economic Forum getting overshadowed by external market turmoil. Cointelegraph did note that the S&P 500 had already gone ahead and lost around 20% from its peak which led to it entering the official bear market territory.
PlanC, another Twitter trader, went on to note that Bitcoin’s correlation to the market stocks had been decreasing rapidly over the last couple of months.