Bitcoin Technical Analysis Report | 23rd-May-2022

On 22nd May 2010, Laszlo Hanyecz made the use of crypto assets with the purchase of two Papa John’s pizzas for 10,000 BTC.  At the time of purchase, Bitcoin was worth $41. Today, 10,000 BTC would today cost around $300 million. There are thousands of cryptocurrencies, but Bitcoin, even to this day, remains an undeniably ingenious manifestation of blockchain technology. From modest beginnings to a trillion-dollar market cap, Bitcoin has stood the test of time. Laszlo Hanyecz was indeed one of the early contributors responsible for what many consider a fundamental marketing masterpiece for Bitcoin adoption. The 12th Anniversary of Bitcoin Pizza Day was celebrated yesterday to honour the 2 Pizzas bought for 10,000 BTC by Lazlo Hanyecz on 22nd May 2010.

 BTC is up by 3.1% over the past 24 hours. Its dominance is currently at 44.4% and the market capitalization is $575bn.

At the time of writing, BTC was trading at $30,152.

BITCOIN has traded in red for the past seven weeks in a row, for the first time in history. However, the asset is taking support at the key level of $28,800 and has given the weekly closing above the psychological level of $30k. On a daily time frame, BTC is trading sideways in a range between $28,800 to $31,300 with low volumes. Breakouts on either side of the range with good volumes will further decide the trend for the asset

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2

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