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

Bitcoin (BTC), which bears were not happy about over the weekend, was set to close at $30,000.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Waiting for Bitcoin “to make a decision.”

TradingView and Cointelegraph Markets Pro data showed that BTC/USD held a narrow range following the Wall Street trading week.

Traders hoped for greater support or resistance as volatility was absent.

“Still stuck between the supply-demand zone. Crypto Tony, a popular trader, stated that he was hoping for a break today to have some juicy action. He noted that upside and downside targets were approximately $27,900, and $31,000, respectively.

It’s time for #Bitcoin and to make a decision. pic.twitter.com/DEfNhuvnYa
Matthew Hyland (@MatthewHyland_ May 21, 2022

Michael van de Poppe, a Cointelegraph contributor, said that he expects “green numbers” for Bitcoin in the next week.

If it closes at the current levels of $30,000, however, BTC/USD would still secure a record eighth consecutive red candle in the weekly chart.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

Cointelegraph noted that the World Economic Forum week could be overshadowed also by market turmoil. The S&P 500 had already lost 20% since its peak to officially enter bear market territory.

PlanC, a popular Twitter account, noted that Bitcoin’s relationship to stocks has been declining in comparison to previous months.

Bitcoin Pizza Day is here

The day’s price story was the focus of attention, but May 22 was the famous Bitcoin Pizza Day.

Related: Bitcoin Pizza Day Rewind: An homage to bizarre and wonderful BTC purchases

Laszlo Hanyecz was one of the first Bitcoin miners to purchase two pizzas for 10,000 BTC. He claimed that he could also sell the bitcoin stash for $41.

Hanyecz’s famous move was immortalized by his original post on Bitcointalk advertising the same.

Bitcoin was trading at a low of $0.0005 per coin in the beginning, but it has since appreciated by around 1.38 billion percent to reach its peak of $69,000 11-and-a half years later.

According to the Bitcoin Pizza Index, Hanyecz purchased $295 million in Bitcoin Pizza Index as of May 22.

Bitcoin Pizza Index (screenshot). Source: Bitcoin Pizza Indexcom. You should do your research before making any investment or trading decision.

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Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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