Bitcoin price took a breather from its most recent rally on March 26 after resistance was anticipated to begin right during the yearly open.
BTC/USD 4-hour chart | Source: TradingView
Sellers keep Bitcoin price action in check amid $45K ‘fakeout’ warning
BTC/USD stretched around $44,500 on Saturday, maintaining a significant weight over the week. Traders have sounded the alarm about a possible pullback after a massive sell wall appeared on major exchange Bitfinex. In this case, selling pressure prevailed, stopping the bulls’ rally just above $45,000.
Another topic of debate for the week, Terra’s multi-billion-dollar Bitcoin purchase blockchain protocol continues, executives add about 3,000 more BTC to a wallet that currently holds 24,954 BTC ($1.1 billion).
“Two Fakeys (fake breakout) on the last 4H inside the bar. I think we see a breakout towards 45135 before a decisive correction or reclaim attempt. A third Fakey would be brutal but not beyond Bitcoins capabilities. Happy Friday, everyone – have a great weekend”, B C Richfield reported.
Source: B C Richfield
Media attention and excitement have increased with each step, with analytics firm Messari highlighting “increased usage and fundamentals” driving the price of Terra’s LUNA token when other smart contract tokens traded decrease.
However, LUNA/USD remains in the same position it was trading last weekend at press time, while both Bitcoin and the largest altcoin Ether (ETH) are up more than 6% in the same period.
For all the focus on change coming from within the crypto industry, however, for the mainstream, Bitcoin remains in the spotlight.
In addition to Google Trends data showing an ongoing lull, Bitcoin’s low transaction fees indicate a lack of activity.
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