Since Jan. 24, Bitcoin has been rising above an ascending support line. Thus far, the cryptocurrency has confirmed the line many times, and the subsequent rebound has resulted in the continuous upward movement.
The price is rapidly approaching the $44,000 horizontal resistance line, which BTC has not traded above since the first week of January.
Wednesday’s price decline was brief, as bitcoin surged to a fresh three-week high above $43,000.
The majority of altcoins have also entered the green zone, led by Dogecoin, Shiba Inu, Cardano, and NEAR Protocol.
Bitcoin Gathers Momentum
It was less than a week ago that the world’s most valuable cryptocurrency landed at just over $40,000, and the community was fearful that the commodity might go below that coveted threshold.
However, the situation immediately shifted, and Bitcoin began an incredible run that culminated in a price of $42,000-plus.
Following that, a minor pullback dropped bitcoin down to $41,000. Nonetheless, the bulls rallied and drove BTC higher.
For the first time since March 4, the cryptocurrency reached and momentarily notched over $43,000 this time.
BTC Firm Despite Pressure
As a result, bitcoin is presently about 5% higher than it was last week at this stage, despite recent price volatility.
The BTC/USD pair attempted to crack and secure its highest levels in weeks Thursday, according to data from TradingView.
The pair had consolidated the previous day, with lower timeframe sideways activity giving way to a “grind” upwards that drove Bitcoin to near the $44,000 – a level not seen since March 3.
Crypto total market cap at $1.68 trillion on the daily chart | Source: TradingView.com
Terra, which had gained notice because to its aspirations for a massive $10 billion BTC allocation, was said to have transmitted Tether (USDT) from an alleged wallet valued at about $750 million at the time of writing.
Do Kwon, Terra’s co-founder, initially stated a target of $10 billion for backing the firm’s new US dollar stablecoin, followed by $3 billion in a weekend interview, but confirmed on Tuesday that the final crosshair was $10 billion.
Crypto Traders Upbeat
Despite the apparent inflow of liquidity, the atmosphere among traders was leaning toward confidence, as was the spot price.
Credible Crypto, a popular Twitter account, specifically targeted people looking to buy in at prices below $40,000.
Meanwhile, bitcoin has retraced approximately a few hundred dollars and is now trading around $42,000. It resumed the strong push hours later and is currently trading near $43,000, having reached a new three-week high earlier in the day.
Featured image from PCMag, chart from TradingView.com