The weekly candle closed at a loss for the eighth time in a row

Although the price of bitcoin has not fluctuated much in the last seven days, its chart does not look good. The digital candle of this digital currency has closed at a loss for the eighth time in a row and the price direction is still unknown.

To Report The Quinn Telegraph did not bring much joy to its buyers earlier this week, and its weekly candle close to May 30 (June 1) closed at around $ 30,000 and at a loss.

Bitcoin fluctuated slightly on Saturdays and Sundays after the end of the Wall Street (US stock market) trading week. Given the lack of widespread volatility, traders hoped that the digital currency would move towards higher support or resistance areas.

Crypto Tony, a digital currency trader, said:

Bitcoin is still stuck between supply and demand. I hope that today this digital currency will have a price failure to provide an opportunity for us to make a profit.

According to him, the bearish and bullish targets of this digital currency are about $ 27,900 and $ 31,000, respectively.

Digital currency market analyst Matthew Hyland also said in the chart below that bitcoin is in a critical area and must decide whether to go up or down.

Michaël van de Poppe, co-author of the Quinn Telegraph website, which often has a bullish outlook on bitcoin prices, has said it expects the bitcoin trend to pick up next week with “green numbers on the chart”. .

As mentioned, Bitcoin ended last week at around $ 30,000 and its weekly candle closed for the eighth time. It is worth mentioning that this is a new record.

In addition, the turmoil in international markets could overshadow World Economic Forum Week, which begins today. The S & P500 is currently 20% below its all-time high and has officially entered a bearish market.

However, PlanC, a popular Twitter analyst, points out that Bitcoin’s correlation with the stock market has decreased compared to previous months.