Bitcoin Nears $44,000 With Terra $125 Million BTC Purchase Pace Up

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Since January 24, Bitcoin has risen above an ascending support line. So far, the cryptocurrency has confirmed the line many times and the subsequent rebound has resulted in its continuous upward movement.

The price is quickly approaching the $44,000 horizontal resistance line, which BTC has not traded since the first week of January.

Wednesday’s price drop was short lived, as bitcoin rose to a new three-week high above $43,000.

Most of the altcoins have also entered the green zone, led by Dogecoin, Shiba Inu, Cardano and NEAR Protocol.

Bitcoin gathers momentum

It had been less than a week since the world’s most valuable cryptocurrency landed at just over $40,000, and the community feared the commodity would fall below that coveted threshold.

However, the situation immediately changed and Bitcoin started an incredible run that culminated in a price of over $42,000.

After that, a small drop in bitcoin dropped to $41,000. Nevertheless, the bulls rallied and drove BTC higher.

This time, for the first time since March 4, the cryptocurrency hit $43,000 and temporarily listed.

Related literature | Bitcoin Breaks the $40,000 Barrier Again – Can It Hold the Momentum?

BTC firm despite pressure

As a result, bitcoin is currently about 5% higher than last week at this stage, despite recent price volatility.

The BTC/USD pair attempted to crack and secure its highest levels in weeks on Thursday, according to data from TradingView.

The pair had consolidated the previous day, with lower time-frame sideways activity giving way to a “grind” upward that took Bitcoin to the $44,000 mark — a level not seen since March 3.

Recommended literature | Fed Chair Powell Says Crypto Requires New Rules, Citing ‘Threats’ To US Financial System

Total Market Cap of Crypto at $1.68 Trillion on the Daily Chart | Source: TradingView.com

Terra, who was aware of his pursuit of a massive $10 billion BTC allotment, is said to have shipped Tether (USDT) from an alleged wallet valued at around $750 million at the time of writing.

Terra co-founder Do Kwon initially set a $10 billion goal to support the company’s new US dollar stablecoin, followed by $3 billion in a weekend interview, but confirmed on Tuesday that the final target would be $10 billion. used to be.

Crypto Traders Delighted

Despite the apparent influx of liquidity, the mood among traders tended towards confidence, as did 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 are sweating right now because $125 million chunks of fiat are being staked in BTC that is 10% higher than where they sold.

Meanwhile, bitcoin has recovered around a few hundred dollars and is now trading around $42,000. It resumed the strong push hours later and is currently trading near USD 43,000 after hitting a fresh three-week high earlier in the day.

Featured image of PCMag, chart from TradingView.com

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