Bitcoin targets record 8th weekly red candle while BTC price limits weekend losses

2 years ago

Bitcoin (BTC) gave bears small joyousness implicit the play arsenic the May 22 play adjacent looked acceptable to revolve astir $30,000.

Waiting for Bitcoin to "make a decision"

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD arsenic it held a constrictive scope aft the Wall Street trading week.

With volatility absent, traders hoped for a determination to larger areas of enactment oregon absorption next.

“Still wedged betwixt the proviso and request portion .. Hoping for a interruption contiguous truthful we person immoderate juicy enactment to play with,” fashionable trader Crypto Tony summarized, noting upside and downside targets were astir $27,900 and $31,000, respectively.

Time for #Bitcoin to marque a decision? pic.twitter.com/DEfNhuvnYa

— Matthew Hyland (@MatthewHyland_) May 21, 2022

Cointelegraph contributor Michaël van de Poppe meantime said that helium expected “green numbers for Bitcoin” implicit the coming week.

Should it adjacent astatine existent levels of $30,000, meanwhile, BTC/USD would inactive seal a record eighth consecutive reddish candle connected the play chart.

The week of the World Economic Forum could likewise beryllium overshadowed by outer marketplace turmoil, Cointelegraph noting that the S&P 500 had already mislaid 20% from its highest to participate authoritative carnivore marketplace territory.

Fellow fashionable Twitter relationship PlanC nevertheless noted that Bitcoin’s correlation to stocks had been decreasing compared to the erstwhile months.

Bitcoin Pizza Day is here

Attention was much focused connected a antithetic terms communicative connected the day, however, arsenic May 22 marked the infamous Bitcoin Pizza Day.

On May 18, 2010, Laszlo Hanyecz, 1 of the earliest Bitcoin miners, purchased 2 pizzas for a full of 10,000 BTC, saying astatine the clip that helium could alternatively merchantability the stash for astir $41.

Hanyecz's determination became legendary, with his archetypal station advertizing it connected the Bitcointalk forum inactive live.

Then trading astatine nether $0.0005 per coin, Bitcoin since appreciated by astir 1.38 cardinal percent to scope its all-time highs of $69,000 eleven-and-a-half years later.

According to dedicated monitoring resource, the Bitcoin Pizza Index, Hanyecz's acquisition was worthy $295 cardinal arsenic of May 22.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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