by Bitcoin has kept to the consistent rising of its support line since the 24th of January. So far, the cryptocurrency has been able to verify the line on many occasions and its following recovery has created constant upward mobility. The price of Bitcoin is racing towards the $44,000 horizontal line of resistance which the leading coin has not been able to trade above as far back as the first week of January.
BTC/USD price chart. Source TradingView
The price slip witnessed on Wednesday was a brief one as Bitcoin quickly soared to a new three-week height above $43,000. Most altcoins in the crypto market have equally entered into the green zones of trading and the top brass are DOGE, SHIB, ADA, and NEAR.
New Momentum for Bitcoin
Being one of the world’s leading cryptocurrency and one of the world’s most vulnerable ones, it isn’t up to a week since Bitcoin began trading above the $40,000 mark. New fears have hit the community since the price regime may be short-lived and the asset might dip under that valuable threshold.
The fear soon abated, however, and Bitcoin started on an incredible path of increase that has now ended in a price regime of over $42,000. Shortly after that, a minor setback pulled the price of Bitcoin down to $41,000, nevertheless, Bitcoin bulls initiated a rally that swiftly drove the coin back up. The digital asset now is at ease over $43,000 for the very first time since the 4th of March.
Bitcoin Remains Firm Despite Pressure
Due to the aforementioned, Bitcoin currently sits at 5% above the position it was at just last week in spite of the latest wave of volatility. According to data from TradingView, the BTC/USD pair tried to break through and then keep the highest point on Thursday. The pair consolidated gains from Wednesday with a low timeframe.
Terra was reported to have transferred Tether from a wallet that was valued at nearly $750 million at the time of putting this together. Terra had got some notice because of its plans to purchase some Bitcoin worth $10 billion.
Terra’s co-founder, Do Kwon, had first stated that there was a target of $10 billion to support the company’s new stablecoin in US dollars. He followed this up with an announcement of $3 billion during an interview over the weekend, but later inquiries finally pegged it at $10 billion during the week.
