Bitcoin (BTC) closed at a one-month high on March 25, with traders hoping for an end to the multi-month consolidation process.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
BTC Stash Terra About $ 1 billion
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD consolidated its recent gains and reached $ 44,698 on Bitstamp on Friday.
However, the pair was below $ 1,000 and far from a monthly high of around $ 45,330.
For traders, the $ 46,000 annual opening is now of growing importance.
However, Crypto Ed suggested that the $ 46,000 bet might not work due to the outbreak of the lower resistance levels.
What usually happens to such obvious opposition? BTC erupts, driven by a short squeeze. Those waiting to break 46K are likely to be left behind. Commented next to the chart for the third time.
Detailed BTC / USD chart. Source: Crypto Ed / Twitter.
The purchase of the new stablecoin Terra blockchain protocol, the source of this week’s bullish trend, has continued, since it has 21,323 BTC ($ 947 million) in its wallet at the time of writing.
The interest in this move was clear, not least because BTC’s largest treasury, MicroStrategy, has just over 125,000 BTC. If Terra reaches the goal of supporting TerraUSD (UST) stablecoin with $ 10 billion in BTC, the company will end up owning around 224,400 BTC – double that amount.
Glory to the whales?
Filbfilb, co-founder of the trading group DecenTrader, had reason to be optimistic that this slow movement against resistance could continue, in contrast to previous attempts to end sideways movement.
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“After what seemed like a perpetual sideways movement, bitcoin has been moving higher over the past two weeks because much of the market still does not believe in this short-term rally,” he began assessing the market on Friday.
“But it seems that the whales have other intentions, and we have seen a consistent effort on bitcoin since this massive demand wall hit Bitfinex to $ 37,000.”
Filbfilb continued that the Bitfinex whales made a clear statement by identifying purchase support at $ 37,000 during the consolidation period, and with that in mind, there were chances of a trip to the resistance wall around $ 46,000.
«Why is this so important? Because Bitcoin whales have been using Bitfinex for years to push the price of BTC against BTC dollars by using these supply / demand walls. So when price and sentiment are at a breaking point, it’s always a good idea to keep an eye on Bitfinex’s order books to see when the big walls show up. ”
“It is also worth noting that although it can be removed, the cost of the next main wall is currently between $ 45,500 and $ 46,000.”