Bitcoin needs to clear a major resistance of $45,000 to confirm a bull case scenario. On the other hand, whales have started accumulating BTC in their wallets.
The world’s largest cryptocurrency Bitcoin (BTC) has been showing strength as it made a move above $44,000 earlier today. As of press time, Bitcoin is trading at $43,893 with a market cap of $830 billion.
Over the last week, Bitcoin has surged 8% and continues to inch to the north. In we look at the technicals, the relative strength index (RSI) for Bitcoin isn’t in the overbought region on the daily chart. Meaning we can see further buying. On the weekly chart, the RSI is neutral which supports an upswing in the price.
However, unless we breach the 200-day moving average (DMA) we cannot confirm an uptrend Bitcoin move. As crypto analyst Lark Davis says, we need a daily close above the $45,500 levels to confirm a bull phase.
#bitcoin currently showing a lower high, we need to crack over that top orange line and get a daily close above $45,500. If so then we could be ready for a new major bull phase. pic.twitter.com/esxeiyuSEY
— Lark Davis (@TheCryptoLark) March 24, 2022
On the other hand, Bitcoin whales continue to buy more coins. On-chain data provider Santiment reports:
The amount of Bitcoin addresses holding 1k to 10k $BTC has jumped by 8.3% since the #Russia–#Ukraine #war was made official. The 2,203 addresses is at a 1-yr high. Both this tier & the 100 to 1k $BTC tier have historically foreshadowed price moves.
Bitcoin has stayed largely volatile in the range between $35K-$45K since the breakout of the Russia-Ukraine war. The Fed interest rate hikes and geopolitical uncertainty have added further spice to this price volatility.
Russia to Accept Bitcoin against Oil Exports
In a major announcement, Russia, which is under heavy Western sanctions has announced that it will start accepting Bitcoin payments against its oil and gas exports. The announcement came on Thursday, March 24, from the chair of Russia’s Duma committee on energy, Pavel Zalavlny.
However, this proposal is only to those countries which Russia recognizes as “friendly”. Zavalny said:
“We have been proposing to China for a long time to switch to settlements in national currencies for rubles and yuan. With Turkey, it will be lira and rubles. You can also trade bitcoins”.
To control the falling Ruble against the USD, Russian President has asked European nations to make gas and oil payments in Ruble.
On the other hand, oil giant Exxon Mobil has said that it will be using its excess gas for Bitcoin mining, instead of letting it go as wastage.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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