Bitcoin (BTC) price took a breather from its last rally on March 26 after expected resistance entered just below the yearly open.
Bitcoin false positives: Third time lucky?
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair hovering around $44,500 on Saturday.retaining most of the advance of the week.
Traders had sounded the alarm about a possible pullback after a large sell wall appeared on major exchange Bitfinex. However, seller pressure prevailed and halted the bulls advance just above $45,000.
“Still waiting to see how the price trades at the yearly open. The previous times I have approached him we have come up short but very close, although this time it looks better for BTC. It is about to.” said the popular trader Pentoshi.
Twitter user BC Richfield, meanwhile, highlighted the need to break the current local high of $45,135, after two “fakes” on lower time frames. If he doesn’t, he argued before the peak occurs, it would be bad news.
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
— BC Richfield (@BC_Richfield) March 25, 2022
Two Fakeys (false breakout) on the last inside bar at 4H.
I think we see a break towards 45.135 before a decisive correction or recovery attempt.
A third Fakey would be brutal but definitely not beyond the capabilities of bitcoin.
Happy Friday everyone, have a great weekend ☀️
Another discussion topic of the week, that of the multimillion dollar purchase of bitcoin by the Terra Blockchain protocolhe continued, executives added roughly another 3,000 BTC to a wallet that now contains 24,954 BTC ($1.1 billion).
Media attention and excitement increased at the same time, with analytics firm Messari highlighting “rising usage and fundamentals” as drivers of Terra’s LUNA token price, while other smart contract tokens traded lower.
However, the LUNA/USD pair was in the same position it was trading in last weekend At the time of writing this article, while both bitcoin and major altcoin Ether (ETH) are up more than 6% over the same period.
Commissions are still a bargain
For all the focus on a turnaround coming from within the crypto industry, however, for the mainstream, Bitcoin remained firmly under the radar.
However, despite all the attention being paid to a change of course from within the cryptocurrency industry, For the general public, bitcoin remained firmly under the radar..
In addition to Google Trends data showing continued calm, analyst Benjamin Cowen noted that low bitcoin transaction fees signaled lack of activity.
“To some extent, bitcoin transaction fees tell you what you need to know,” said.
“Clearly the tourists are gone for the time being. But they will come back. They always do.”
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