According to analyst William Suberg, the weekly Bitcoin chart looks bleak for BTC/USD despite the lack of volatility over the weekend. The leading crypto gave the bears some cheer over the weekend as it looked poised to return around $30,000 from its May 22 weekly close.
Analysts are waiting for these levels in Bitcoin price
As the waves subside, analysts were hoping to move into larger support or resistance areas later on. “It is still stuck between the supply and demand zone. We hope to take a break today so we have some opportunities to play,” popular analyst Crypto Tony summarized, noting that the up and down targets are around $27,900 and $31,000 respectively.
By the way, as Cryptokoin.com Popular crypto analyst Michaël van de Poppe, whose analysis we shared, said he expects “green numbers for Bitcoin” next week. Meanwhile, as May 22nd was celebrated as the famous Bitcoin Pizza Day, attention was focused on a different price story during the day.
Pizza day has arrived
On May 18, 2010, Laszlo Hanyecz, one of the oldest Bitcoin miners, bought two pizzas for a total of 10,000 BTC, saying he could buy it for about $41 at the time. Hanyecz’s move became legendary with his original post promoting it on the Bitcointalk forum. Then, trading below $0.0005, Bitcoin gained nearly 1.38 billion percent to reach the ATH level of $69,000 eleven and a half years later. Hanyecz’s purchase was valued at $295 million as of May 22, according to the private tracking resource Bitcoin Pizza Index.
So red or green? What color will BTC be today?
2022 is not fruitful for the world’s largest cryptocurrency. Additionally, data from Glassnode also revealed that the number of whales holding BTC has reached a 21-month low of 1,745. Also, the amount of active supply in the last five to seven years has reached a three-month high of 699,937. On the contrary, despite the ongoing bear market, the number of addresses holding multiple BTC reached 844,956 ATH.
On-chain analyst Aashna Dunwani thinks bears will remain strong in the short term, regardless of investor sentiment and metrics. According to the analyst, this may mean that the market will remain “yellow” for a while.
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