Bitcoin (BTC) He was able to rally again well this week and even over the weekend, that rally lasted quite a bit. In the meantime, fear and uncertainty are rapidly easing and the market is fervently hoping that Bitcoin will rise further in the near future.
Bitcoin price this week 5.7% in the positive
The Bitcoin price Its current high started nearly two weeks ago. At the time, bitcoin was still between $38,000 and $39,000 as the price held for a long time. The price of Bitcoin reached $41,000 a week ago and reached $44,000 last Thursday after a series of… bottoms up†
On Friday, Bitcoin briefly peaked at $45,000 on multiple exchanges, its highest price in weeks. However, it turned out to be a file From fake Togo. Despite this, Bitcoin later managed to hold above $44,200 and continue to climb cautiously.
Bitcoin briefly peaked at $44,800 last night and settled above $44,500 over the past few hours. At the time of writing, Bitcoin is at $44,550 KuCoin and 40.550 euros and above Petavavo† This means that BTC is 0.3% in plus compared to 24 hours ago and 5.7% in plus compared to last week.
Will Bitcoin Retreat First?
It was already expected that the price increase around this price would slow somewhat. There is a lot of resistance here and this is the area where Bitcoin was rejected at the beginning of this month and mid-February. However, the market is looking a lot healthier this time around and there is a good chance that Bitcoin will close this week in a nice green colour. candle†
An interesting setting for # bitcoin In the four hours: pic.twitter.com/1ioDNHnEfi
– Matthew Hyland (@MatthewHyland_) March 27, 2022
Analytics firm Glassnode reports that the current rally is primarily driven by the spot market. That may indicate greater organic demand than earlier gains, which were primarily driven by the derivatives market.
The move to $44,000 appears to have been prompted by spot demand. all sustainable #BTC The upward movement is led by the spot market. pic.twitter.com/b72KYwZVLr
– 𝗡 𝗡 𝗴 (Ninetropic_) March 26, 2022
We also see this spot demand with the massive influx into the Canadian Bitcoin spot Exchange Traded Fund (ETF), or Publicly Traded Funds with a Purpose, On-Chain College reports:
In just about 10 months, a file # bitcoin The spot ETF doubled in size.
On average, the ETF added more than 59 bitcoins per day.
It now holds 36,322 BTC.
Just imagine what the demand for an ETF will be in the US… pic.twitter.com/Q4qkMDBgqf
– OnChain College (OnChainCollege) March 26, 2022
Meanwhile, Terra (LUNA) continues to buy BTC on a large scale against its UST stablecoin. The cryptocurrency project has already invested $1.1 billion out of a planned $10 billion in BTC this week. Click here to read more about it.
However, many analysts expect Bitcoin to take a small amount swipe back before resuming the march. The average is currently struggling 200 days Exponential Moving Average It was about $44,860. In addition to breaking the 200-day EMA, the price may need to break the $46,000-$47,000 area to confirm a true trend reversal from this range. So many analysts are still somewhat hesitant and expect a pullback before that happens. Hopefully Bitcoin will hold above $42,000 so as not to lose too much momentum.
The next major resistance in the chain for # bitcoin It is the realized price for the short-term holder, as it is trading at $45.9K.
This metric is the average price paid BTC dollars By investors who bought after October ATH.
The downside resistance comes from STHs looking to “get their money back”. pic.twitter.com/MqMGG32LX7
– glassnode (glassnode) 25 March 2022
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