Bitcoin appears to be following a pattern that might suggest continuation of its present rally
Bitcoin’s price chart appears to be depicting increasing bullish momentum, with bulls predicting a breakout at $50,450 and then $54,000, according to Bloomberg. At press time, Bitcoin was trading at $44,912 after hitting 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 momentum amid claims that the UST-focused foundation, the world’s fourth-largest stablecoin, is a reserve asset of the major 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 nearly a month, Bitcoin surged above $44,000, breaking out of its recent narrow trading range amid 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 a low of $40,516 on March 21. The major cryptocurrency is up 4.74% in the past 24 hours and 10.82% in the past week, according to data from CoinMarketCap.
