Bitcoin (BTC), which had just passed the yearly open, took a break from its recent upside on March 26, when it hit resistance.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Fake Bitcoin transactions: The third time is the charm
Cointelegraph Markets Pro and TradingView data showed that BTC/USD was at $44,500 on Saturday, which preserves the bulk of the week’s progress.
After a Bitfinex sell wall, traders raised concerns about a possible retracement. The sell-side pressure prevailed and stopped bulls’ rise at just over $45,000.
“I am still waiting to see how the price trades around the yearly open. Although we missed it the first time, this time is better for BTC. Popular trader Pentoshi summarised the situation as “Almost there”.
B C Richfield, a fellow Twitter user, meanwhile stressed the importance of breaking the current local high at $45,135, following two fakeouts on shorter time frames. He argued that failure to do so would be bad news, and it would have to happen before the high occurs.
$BTC Two fake breakouts (fake breakouts) in the 4H inside bar. We may see a breakout towards 45135 before any decisive correction or reclaim attempts. A third Fakey would prove to be a brutal, but not beyond Bitcoin’s abilities. Happy Friday everyone – have a great weekend pic.twitter.com/QN5oHr5EAh
— B C Richfield (@BC_Richfield) March 25, 2022
The week’s other topic of discussion was the multibillion dollar Bitcoin buy-in by Blockchain protocol Terra. Executives added approximately 3,000 BTC to a wallet that now contains 24,954 BTC ($1.1 million).
Media attention and excitement increased in tandem, with analytics firm Messari highlighting that “increased use and fundamentals” drove the price of Terra’s LUNA token, while other smart contract tokens traded lower.
LUNA/USD traded in the same spot as last weekend, at the time of writing. Bitcoin and Ether (largest altcoin) both increased over 6% during that same period.
You can still get a bargain on fees
While all the attention has been placed on the potential turnaround within the crypto industry’s sector, Bitcoin remains firmly under the radar for mainstream audiences.
Related: Bitcoin finally shines after years of uncertainty and concern
Analyst Benjamin Cowen also noted that Google Trends data shows an ongoing lull. He also pointed out that Bitcoin’s low transaction costs underscored the lack of activity.
He said that Bitcoin transaction fees “to some extent” tell you what you should know.
“It is clear that tourists have left the area. They will be back. They will always return.”
Chart of total Bitcoin transaction fees. Source: Blockchaincom. You should do your research before making any investment or trading decision.