Was the $ 45,000 bitcoin a temporary jump? Analysts respond

Last week, bitcoin stopped on Friday after reaching $ 45,000; But was this a temporary jump as recent fluctuations, or will the market trend continue to change?

According to the Coin Telegraph yesterday, after bitcoin reached its projected resistance at the starting price of 2022, it adjusted a new breath and a little of its jump.

Bitcoin traded around $ 44,500 on Saturday and kept much of its jump over the past week.

Was the $ 45,000 bitcoin a temporary jump?
One-hour chart of the price of bitcoin in dollars.

On Friday, the market for this digital currency was under relatively strong pressure to sell and the alarm sounded for its possible correction. This pressure to sell soon took over the market and halted the growth of $ 45,000 in bitcoin.

Pentoshi, a popular digital currency trader, said:

We are still waiting to see how bitcoin is moving around its original price in 2022. The last time the price reached this zone of resistance, it failed to cross it; Although he was not far behind. This time, however, Bitcoin is in a better position and can almost be said to have achieved this goal.

Was the $ 45,000 bitcoin a temporary jump?  Analysts respond
Bitcoin price chart; Pentoshi analysis of the 1-day view of the bitcoin / dollar market.

Meanwhile, a Twitter user named BC Richfield stressed that bitcoin must overcome its current peak of $ 45,135. According to him, this digital currency in its four-hour chart has hit this range twice so far and has failed to cross it. According to him, if Bitcoin fails to do so, it will be in a bad situation.

He wrote on Twitter:

In the four-hour bitcoin price chart, the latest candlesticks caused two false failures outside the scope of the Inside Bar, and as you can see, none of them were successful. I think bitcoin could reach that resistance again at $ 45,135 before a significant jump or deeper correction. If Bitcoin makes an unrealistic failure for the third time within the Kendall Inside Bar model, it could fall; Something that is certainly not far from the mind.

It should be noted that this model usually shows skepticism among traders and is formed before a significant upward or downward trend.

Was the $ 45,000 bitcoin a temporary jump?
Bitcoin price chart; Basic analysis of Richfield’s 4-hour bitcoin / tetra market outlook.

Another topic of discussion last week was the ongoing multibillion-dollar purchase of bitcoins by the Terra blockchain development team. The leaders of the protocol have deposited approximately 3,000 more bitcoins in their portfolios, which means that with this new amount they already have 24,954 bitcoins worth $ 1.1 billion.

Last week, media attention to the news gradually increased. Analyst firm Messari points out that the “increase in the use and improvement of fundamental factors” associated with the China Terra block, the price of LUNA, the network’s main token, has increased and the price of other tokens based on smart contract networks has decreased .

At the time of writing, however, the price of Luna has decreased by 3.8% compared to last week, and the price of Bitcoin and Atrium has increased by more than 6% over the same period.

Bitcoin transaction fees are still low

The digital currency community, as always, is focusing on change in this area, but ordinary people are secretly watching and tracking bitcoin.

In addition to Google Trends data from Internet users’ searches, which show that the market trend is slow and digital currencies are not very popular, Benjamin Cowen, a well-known digital currency analyst, says low commissions for bitcoin transactions are showing activity. In the network, this is a digital currency.

He said:

To some extent, it can be said that the bitcoin transaction fee shows traders something about this digital currency. It is already clear that short-term traders are out of the market, but they will certainly return. They always do.

Was the $ 45,000 bitcoin a temporary jump?
Graph of the total value of fees paid in the bitcoin network.

Was the Temporary Leap publication a $ 45,000 bitcoin crossing? Analysts’ response came first in Digital Currency.

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