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.
Two Fakeys (fake breakout) on the last 4H indoor bar.
I think we are seeing a breakout to 45135 before a decisive correction or chargeback attempt.
A third Fakey would be brutal, but certainly not beyond the capabilities of Bitcoins.
Happy Friday everyone – have a nice weekend .️ pic.twitter.com/QN5oHr5EAh
— BC Richfield (@BC_Richfield) March 25, 2022
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†
Graph total transaction costs Bitcoin. Source: Blockchain
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