Bitcoin heads for 2-week highs as Terra promises BTC price will soon 'get spicy'
Bitcoin (BTC) regained fresh ground on April 21 after bears failed to gain control of short-term price action overnight.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching new local highs of $42,455 on Bitstamp Thursday.
With the Wall Street open still to come, upward momentum meant that the pair was now at its highest since April 10. Wednesday's opening bell had nonetheless been accompanied by bearish price pressure, and traders thus remained cautious about what could come next.
"If the market wants to see continuation, it has to crack that region around $42.3K for Bitcoin," Cointelegraph contributor Michaël van de Poppe told Twitter followers.
Much stood in the way of a trip to $50,000 and reclaiming it as support. As Cointelegraph reported, in addition to various long-term moving averages, the yearly open, along with whale selling habits, have all kept bulls from exiting the 2022 trading range.
"So far, so good for Bitcoin," Van de Poppe reasoned in his latest update, noting that the U.S. dollar currency index (DXY) was continuing to retrace in what is traditionally a boon for crypto markets.
Also emboldened at the prospect of stronger BTC price performance coming up was Blockchain protocol Terra, now famous as one of the largest Bitcoin whales after purchasing nearly 45,000 BTC in 2022.
In a tweet on the day, the firm's official account claimed that Bitcoin was in line to "get spicy," hinting that it did not expect continuation of sideways price action.
Things are gonna get spicy real soon. Beras beware. $UST $BTC
Looking at whales' movements more broadly, however, there remained a lack of a convincing trend.
Related: Analysts say Bitcoin has ‘already capitulated,’ target $41.3K as the most hold
Read more on cointelegraph.com
