The recent price chart for the leading cryptocurrency, Bitcoin, shows a bullish tendency to surpass the current situation and advance further.
As per a Bloomberg report, Bitcoin bulls are attempting a breakout to $50,450 and later to $54,000 as the audacious bullish trend continues, suggesting a continuation of sustained positive market performance.
At the time of publication, the trading price for Bitcoin is $44,912 after attaining a high of $44,982 in the intraday trading session.
From all indications, Bitcoin is following a previous market rally, pointing to a continuation of its price recovery. The price chart for Bitcoin shows a tightening of price gaps after evaluating a move to the upper zone of the chart. This means a positive rally for Bitcoin to consolidate its value.
A further assessment of the technical review of BTC prices using the Fibonacci sequence is likely to provide more insight into the price rebound of Bitcoin. According to the Fibonacci sequence, should Bitcoin succeed in breaching the high of $45,332 in the early days of the month, attaining the $50,450 and $54,000 price levels is achievable.
In other words, Bitcoin would have begun trading at $50,450 or $54,000 in the current market situation.
Bitcoin and UST
Amid the price recovery, Bitcoin is eyeing the possibility of including one of the largest stable coins, UST, as an asset reserve. This is partly another factor contributing to the significant rise in the value of the BTC.
According to s making the rounds, a Non-profit organization based in Singapore, Luna Foundation Guard, is buying massive stashed Bitcoin to fulfill its pledge to adopt Bitcoin as an asset reserve for the UST. The UST is Terra’s decentralized digital token pegged to the USD.
This is the first time in months that Bitcoin is moving above $44,000 by breaking out of its tight trading spot in the wake of a rise in risk appetite by bulls. The bulls are all out, attempting to break the barrier for more future price consolidation.
40 Million Plus and Counting
As per IntoTheBlock data, the number of active Bitcoin addresses has surpassed 40 million for the first time in years. Despite the February decline, the number of wallets is now soaring, following a positive affirmation by investors due to the improvement in price action.
The takeaway from this is that Bitcoin’s popularity is soaring, and so is its utility, which has been a topic for debate for some time now.
Additionally, at the end of the day (March 25), On March 21, Bitcoin is expected to clock its fourth day in the green zone after its recent rebound in value.
The past 24 hours saw the leading cryptocurrency rise by 4.74%, following a 10.82% increase last week, as reported by CoinMarketCap.
From its previous dominance, Bitcoin has what it takes to keep the momentum going and reach new heights. For now, efforts are geared toward price consolidation before a more audacious price move would be expected.