BTC/USD Market Analysis: Happy Bitcoin Pizza Day

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Exactly 13 years ago, programmer Laszlo Heinitz, for the first time in history, paid for a real product with bitcoins — two Papa John's mushroom pizzas with sausages, tomatoes and onions. The purchase cost him “only” 10k bitcoins (25 USD at the exchange rate at that time, almost $270 million at the current price of 1 bitcoin in US dollars).

Then cryptocurrencies were practically unknown, now they are being discussed at the G7 summit. At a meeting in Japan, the leaders agreed to continue consultations on how to regulate digital assets.

Meanwhile, bitcoin traders are looking with apprehension at the BTC/USD chart, which is forming a bearish head and shoulders (SHS) pattern. According to the classics of technical analysis, the breakdown of the “neck” level around 26,800 can lead to a downtrend. However, for this, sellers will have to apply serious pressure to overcome the support from the bottom line (1) of the ascending channel and the psychological mark (2) of USD 25k per bitcoin.

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*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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