The focus remains on what occurs above the current local highs, not on what happens below, despite the fact that BTC price action is up 6% in a week.
On March 26, Bitcoin (BTC) took a break from its recent uptrend when projected resistance materialized just below the annual open.
Bitcoin forgeries: Is the third time the charm?
BTC/USD remained at $44,500 on Saturday, retaining the lion’s share of the week’s advance, according to data from Cointelegraph Markets Pro and TradingView.
Traders had warned of a probable retracement following the appearance of a big sell wall on major exchange Bitfinex. In the end, sell-side pressure triumphed, effectively halting the bulls’ surge just above $45,000.
“I’m still watching how the price moves around the yearly open. The previous times I attempted it, we fell short but came dangerously near, however this time appears to be better for BTC. Nearly there, “Pentoshi, a well-known dealer, summarized.
Meanwhile, fellow Twitter user B C Richfield emphasized the importance of breaking over the current local high of $45,135, following two “fakeouts” on lower timeframes. Failure to do so, he said, would be terrible news prior to the high occurring.
Two Fakeys (fake breakout) on the last 4H inside bar.
I think we see a breakout towards 45135 before a decisive correction or reclaim attempt.
A third Fakey would be brutal but definitely not beyond Bitcoins capabilities.
Happy Friday everyone – have a great weekend ☀️ pic.twitter.com/QN5oHr5EAh
— B C Richfield (@BC_Richfield) March 25, 2022
Another hot topic of discussion this week was Terra’s multibillion-dollar Bitcoin buy-in, with executives adding approximately 3,000 BTC to a wallet that now contains 24,954 BTC ($1.1 billion).
Media coverage and enthusiasm surged in lockstep, with analytics firm Messari citing “increasing usage and fundamentals” as the reason for Terra’s LUNA token’s price increase while other smart contract tokens fell.
LUNA/USD remained in the same position as it was last weekend at the time of writing, despite the fact that both Bitcoin and the largest cryptocurrency, Ether (ETH), had gained more than 6% during the same period.
Fees continue to be a steal
Despite the focus on a turnaround within the crypto industry, Bitcoin remained firmly under the radar for the public.
Along with Google Trends data indicating a continued slump, expert Benjamin Cowen pointed out that Bitcoin’s low transaction fees emphasized the lack of activity.
“To a certain extent, Bitcoin transaction costs reveal everything you need to know,” he explained.
“Clearly the tourists are gone at the moment. But they will return. They always do.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.