Bitcoin Retakes Robust Position As Price Nears $45,000
March 26 2022 - 12:02AM
NEWSBTC
Bitcoin’s price has momentarily surpassed $44,000, extending its
impressive streak of roughly $7,000 gains over the last week.
Bitcoin has steadily increased after weeks of difficulty,
approaching the $45,000 mark – a 1% increase in the last 24 hours
and a nearly 20% increase in the last 30 days, Coingecko charts
show. According to CoinMarketCap data, the world’s largest digital
cryptocurrency was recently priced above $45,000 on February 10.
Bitcoin is exhibiting a trend that indicates it may sustain its
recent gains. According to Bloomberg Markets’ crypto monitoring, a
so-called triangle shape on Bitcoin’s price chart is compressing
tighter and the cryptocurrency is poking at the triangle’s upper
end. Related Reading | Bitcoin Almost Hits $44,000 With Terra $125
Million BTC Purchase Tempo Up Bitcoin On A Steady Upward Momentum
Bitcoin’s price has been steadily rising over the last week,
spearheading a crypto market resurgence that has seen Cardano
(ADA), Ethereum (ETH), and Solana (SOL) all increase by more than
10%. Taken together, the increases have pushed the total
cryptocurrency market back beyond $2 trillion. BTC total market cap
at $844.15 billion on the weekend chart | Source: TradingView.com
After breaking through the $40,000 barrier last week, bitcoin has
maintained its gains and is now trading at the top confines of the
$$44,000 zone it has been trading within since the start of the
year. As this unfolds, the US stock market is up today, as is
cryptocurrency. The S&P 500 index is expected to gain 1.4% on a
weekly basis, while the Nasdaq is expected to gain approximately
2%. Bitcoin has increased by approximately 6% in the last week.
Related Reading | Bitcoin Breaks Past The $40,000 Barrier Again –
Can It Sustain The Momentum? Can The ‘Digital Gold’ Hold Ground?
Bitcoin has long been referred to by some pundits as “digital gold”
— a safe-haven asset that will remain stable when all other
investments falter. Bitcoin has only dipped below its four-year
moving average a few times in its history, and even then only
briefly, which means that the record price set four years ago is
now considered the absolute bottom by some crypto analysts. When
Bitcoin does well, the rest of the market typically (but not
always) follows suit. It’s been a good week, owing in part to a
landmark Wall Street announcement: Goldman Sachs became the first
major US bank to conduct a crypto transaction on Tuesday. By
purchasing an OTC Bitcoin non-deliverable option (NDO) from Galaxy
Digital, the New York-based investment bank completed an
over-the-counter (OTC) transaction. According to others, this has
resulted in an increase in investor confidence, as investors view
the large sums of money and interest from established players as a
cause to get involved and invest in crypto. Featured image from
TIME, chart from TradingView.com
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