Bitcoin Sellers Keep BTC Price Action Under Control Amid $45K ‘Fakeout’ Warning

Bitcoin (BTC) took a breather from its latest upside on March 26 after forecast resistance kicked in just below the annual open.

BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView

Bitcoin Fakeouts: Third Time is the Charm?

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hovered around $44,500 on Saturday, holding the lion’s share of the week’s progress.

Traders had been sounding the alarm about a possible retracement after a major selling wall appeared on major exchange Bitfinex. In that case, there was pressure on the sell side, stopping the bulls’ advance at just over $45,000.

“Still waiting to see how price opens up annually. The previous times I focused on it we came up short, but came very close, although this time looks better for BTC. Almost done,” popular trader Pentoshi In summary

Fellow Twitter user BC Richfield, meanwhile, emphasized the need to break the current local high of $45,135, following two lower-term “fake-outs”. If he doesn’t, he argued prior to the high, that would be bad news.

Another topic of debate of the week, that of Blockchain protocol Terra’s multibillion-dollar Bitcoin buy-in, went on, executives adding roughly another 3,000 BTC to a wallet that now contains 24,954 BTC ($1.1 billion) .

Media attention and excitement increased incrementally, with analytics firm Messari to mark “increased usage and fundamentals” as it pushed up the price of Terra’s LUNA token while trading other smart contract tokens.

LUNA/USD was nonetheless in the same position as it was last weekend at the time of writing, while both Bitcoin and the largest altcoin Ether (ETH) were up more than 6% over the same period.

Costs remain a bargain

However, despite all the focus on a turnaround from the crypto industry, Bitcoin has remained firmly under the radar for the mainstream.

Related: After Years Of Doubts And Worries, It’s Finally Bitcoin’s Time To Shine

In addition to Google Trends data showing an ongoing lull, analyst Benjamin Cowen noted that Bitcoin’s low transaction costs underlined a lack of activity.

“To a certain extent, Bitcoin’s transaction fees tell you what you need to know,” he said said

“Obviously the tourists are gone at the moment. But they’re coming back. They always do.”

Graph total transaction costs Bitcoin. Source: Blockchain

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risks, you should do your own research when making a decision.

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