Bitcoin (BTC) closed at the highest level of the month on March 25, and traders wanted to end the integration for several months.
BTC / USD 1-hour candlestick chart (bitstamp). Source: TradingView
Terra BTC’s stash is close to $ 1 billion
Data from Cointelegraph Markets Pro and TradingView show that Bitstamp Friday boosted the recent rise to $ 44,698 by BTC / USD.
So the pair was less than $ 1,000 from breaking the monthly maximum of about $ 45,330.
For traders, opening $ 46,000 a year is now becoming more and more important.
$ 46,000 is the most important price #Bitcoin Break through in a very long time
— Matthew Hyland (@MatthewHyland_) March 24, 2022
But Crypto Ed even suggested that with a lower resistance level breakthrough strength, $ 46,000 may not end up in a successful bet.
“What usually happens with such obvious resistance? Short squeeze fuels and bursts BTC. Those waiting for 46k to break are likely to be left behind. The third is attractive.” He said. comment With the chart.
BTC / USD Annotated Chart. Source: Crypto Ed / Twitter
The buy-in from the Blockchain protocol Terra for the new stablecoin, the source of this week’s bullish sentiment, continued, with the wallet containing 21,323 BTC ($ 497 million) at the time of writing.
Interest in this move was clear, especially given that the Treasury Department of MicroStrategy, the largest corporate BTC Treasury Department, contained just over 125,000 BTCs. If Terra achieves its goal of supporting TerraUSD Stablecoin with Bitcoin for $ 10 billion, the company will eventually own approximately 224,400 BTC. This is doubled.
Do you admire whales?
For Filbfilb, co-founder of the trading suite Decentrader, there was optimism that this slow setback to resistance could be tolerated, unlike previous attempts to end sideways action.
Related: Bitcoin hashrates can show “small surrenders”.
“After feeling like an eternal flat, Bitcoin has been on the rise for the past few weeks, and most of the market remains unbelievable for this short-term rise,” he said in a Friday market update.
“But the whale seems to have had other intent. Since this important bidding barrier appeared at Bitfinex for $ 37,000, we’ve seen steady and consistent bidding on Bitcoin.”
Filbfilb continued with a clear statement that Bitfinex whales will provide $ 37,000 in buy-support during the integration period, increasing the likelihood of a trip to the resistance wall of about $ 46,000. rice field.
“Why is this so important? Bitfinex has been used by Bitcoin Whales to boost the price of $ BTC using these bids / askwalls. Therefore, if prices and emotions are extreme. A Bitfinex book to see when these big walls will emerge, it’s always worth paying attention to the order, “he continued.
“It’s also worth noting that the next major wall is currently sitting at $ 45,500 to $ 46,000 while it can be pulled.”
The update added that if the annual open no longer constitutes Bitcoin’s psychological cap, the 200-day moving average of nearly $ 47,900 will be the next port of call.