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Bitcoin Rally Might Gain Momentum as It Climbs Near $45K: Bloomberg

Fri, 03/25/2022 - 14:50
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Tomiwabold Olajide
Bitcoin appears to be following a pattern that might suggest continuation of its present rally
Bitcoin Rally Might Gain Momentum as It Climbs Near $45K: Bloomberg
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Bitcoin's price chart seems to be depicting a rising bullish momentum, with bulls predicting a break to $50,450 and then $54,000, according to Bloomberg. At press time, Bitcoin was trading at $44,912 after reaching intraday highs of $44,982.

Bitcoin appears to be following a pattern that might suggest a continuation of its present rally. On Bitcoin's price chart, a so-called triangle shape is tightening, and the cryptocurrency is jabbing at the upper end of the triangle. This might indicate positive momentum for Bitcoin. Based on the technical analysis approach of Fibonacci extensions, if Bitcoin breaches a high of $45,332 from early March, the $50,450 and $54,000 levels might come into play.

Bitcoin (BTC) is gaining steam amid claims that the foundation focused on UST, the world's fourth-largest stablecoin, is building up a reserve asset of the top cryptocurrency.

According to reports circulating, the Luna Foundation Guard (LFG), a Singapore-based nonprofit organization, purchased Bitcoin worth $125 million early this week, fulfilling its promise to add BTC as an additional layer of security for UST—Terra's decentralized dollar-pegged stablecoin.

For the first time in almost a month, Bitcoin surpassed $44,000, breaking out of its recent narrow trading range amid a renewed risk appetite.

Bitcoin holders surpass 40 million

According to IntoTheBlock analytics, the number of Bitcoin addresses has crossed 40 million for the first time. Following a decrease in February, the number of Bitcoin addresses has continued to rise and reach new highs. This might indicate that Bitcoin is gaining in popularity and utility.

Bitcoin is set to mark the fourth consecutive day in the green after rebounding from lows of $40,516 on March 21. The lead cryptocurrency is up 4.74% in the last 24 hours and 10.82% over the past week, per CoinMarketCap data.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.