Bitcoin Almost Hits $44,000 With Terra $125 Million BTC Purchase Tempo Up
March 24 2022 - 7:10AM
NEWSBTC
Since Jan. 24, Bitcoin has been rising above an ascending support
line. Thus far, the cryptocurrency has confirmed the line many
times, and the subsequent rebound has resulted in the continuous
upward movement. The price is rapidly approaching the $44,000
horizontal resistance line, which BTC has not traded above since
the first week of January. Wednesday’s price decline was brief, as
bitcoin surged to a fresh three-week high above $43,000. The
majority of altcoins have also entered the green zone, led by
Dogecoin, Shiba Inu, Cardano, and NEAR Protocol. Bitcoin Gathers
Momentum It was less than a week ago that the world’s most valuable
cryptocurrency landed at just over $40,000, and the community was
fearful that the commodity might go below that coveted threshold.
However, the situation immediately shifted, and Bitcoin began an
incredible run that culminated in a price of $42,000-plus.
Following that, a minor pullback dropped bitcoin down to $41,000.
Nonetheless, the bulls rallied and drove BTC higher. For the first
time since March 4, the cryptocurrency reached and momentarily
notched over $43,000 this time. Related Reading | Bitcoin Breaks
Past The $40,000 Barrier Again – Can It Sustain The Momentum? BTC
Firm Despite Pressure As a result, bitcoin is presently about 5%
higher than it was last week at this stage, despite recent price
volatility. The BTC/USD pair attempted to crack and secure its
highest levels in weeks Thursday, according to data from
TradingView. The pair had consolidated the previous day, with lower
timeframe sideways activity giving way to a “grind” upwards that
drove Bitcoin to near the $44,000 – a level not seen since March 3.
Suggested Reading | Fed Chair Powell Says Crypto Requires New
Rules, Citing ‘Threats’ To US Financial System Crypto total market
cap at $1.68 trillion on the daily chart | Source: TradingView.com
Terra, which had gained notice because to its aspirations for a
massive $10 billion BTC allocation, was said to have transmitted
Tether (USDT) from an alleged wallet valued at about $750 million
at the time of writing. Do Kwon, Terra’s co-founder, initially
stated a target of $10 billion for backing the firm’s new US dollar
stablecoin, followed by $3 billion in a weekend interview, but
confirmed on Tuesday that the final crosshair was $10 billion.
Crypto Traders Upbeat Despite the apparent inflow of liquidity, the
atmosphere among traders was leaning toward confidence, as was the
spot price. Credible Crypto, a popular Twitter account,
specifically targeted people looking to buy in at prices below
$40,000. “Sub 40k $BTC sellers sweating at the moment as $125
million chunks of fiat are being deployed into BTC 10% higher than
where they sold.” Meanwhile, bitcoin has retraced approximately a
few hundred dollars and is now trading around $42,000. It resumed
the strong push hours later and is currently trading near $43,000,
having reached a new three-week high earlier in the day. Featured
image from PCMag, chart from TradingView.com
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024