Bitcoin prices peaked quarterly; What is the condition for continuing the upward trend?



Hours ago, the price of bitcoin crossed the $ 47,700 mark, reaching its three-month high. Experts say that with the end of the first quarter of 2022 this week, the next few days are particularly important for the market.

According to Quinn Desk, the price of bitcoin has reached its highest level in three months at $ 47,765 in less than 5 hours with a jump of almost 7% since the beginning of this morning. The price increased by more than 15% compared to last Monday, while the daily candle for bitcoin closes in green for the sixth consecutive day. The price of bitcoin in early 2022 was about $ 47,740.

Bitcoin prices peaked quarterly;  What is the condition for continuing the upward trend?
Bitcoin price chart; 1-week review of the bitcoin / dollar market.

In its morning report, QCP Capital cited rising prices of other assets on world markets as a factor in continuing the short-term uptrend of bitcoin. According to the investment company, the latest major acquisitions of the Luna Foundation are another reason for the rise in prices on the bitcoin market.

QCP Capital experts write in their report:

One of the most important purchases this week was the $ 125 million purchase of the Luna Foundation. The acquisition is part of a special program to raise $ 3 billion in bitcoins in support of TerraUSD.

Atrium and other major currencies in the market also had an upward trend during this period. Atrium has jumped almost 6% since last night after bitcoin and is now trading above $ 3320, the highest level since early February. Solana, Cardano and Olenç are among the rising instruments of today, and Dodge Quinn and Shiba Ino have experienced a jump of 7% and 8% respectively in the last 24 hours.

Traders in the digital currency market are now accelerating again after weeks of declining volumes.

Joe DiPasquale, founder and CEO of BitBull Capital, said:

As buyers try to transform price resistance into new protections and follow this upward trend, the volume of trade in the market has also increased. If buyers don’t, they should [مثل گذشته] Let’s wait for the price to stabilize at lower levels.

DiPasquale said Bitcoin had a good week and one of the reasons was the expiration of three-month options contracts. He says bitcoin has so far survived a decision by the US Federal Reserve to raise bank interest rates in the coming months and the economic consequences of the military conflict between Russia and Ukraine.

Beatball Capital’s chief executive was cautious in his assessment of price fluctuations in the coming days, saying:

While market participants’ views are bullish and the bitcoin fear and greed index is in a “neutral” position, buyers will have to stabilize the price above $ 46,000 to continue this upward trend. This week is particularly important, as the end of the first quarter of 2022 is this week, and then we can see intensifying market fluctuations.

Bitcoin prices peaked quarterly; What is the condition for continuing the upward trend? appeared first for currency.

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