Bitcoin hits 3-day low as Terra BTC buy-ins dry up below $48K

cointelegraph.com:

Bitcoin (BTC) hinted at a welcome retracement overnight into March 30 after relentless upside failed to flip $48,000 to support.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $46,572 on Bitstamp as Wednesday began — its lowest since March 27.

A susbequent rebound alleviated some of the losses, and at the time of writing, the pair traded at around $47,400.

The change of tack followed a cooling of the narratives which had surrounded Bitcoin's initial push beyond its yearly open price of $46,200 — a significant achievement which ended the cryptocurrency's multi-month trading range.

Blockchain protocol Terra, on its way to amassing an inital $3 billion in BTC for its new stablecoin, was now on an unofficial break from purchases, data from its target wallet appeared to show.

BTC last arrived on March 28, but since then, the wallet's 27,784 BTC ($1.32 billion) balance has remained unchanged.

Do Kwon, the Terra co-founder who had initially made the buy-in public, had not made any comments about a potential change in strategy at the time of writing.

For popular trader Pentoshi, there was nonetheless still room for further gains above $50,000 in Bitcoin's next impulse move, whenever it might come.

For now should expect yearly open and purple box to act as support. Potential smol pullback as LFG and Do Kwon appear to be AFK from the green button Looking for continuation to 51-53k during the next rally for $BTC pic.twitter.com/uMQhUI5XqB

As Cointelegraph reported, the yearly open was of key importance for many as new support. Losing this at such an early stage, they warned, would mean that the trading range had not been genuinely broken.

Another more sobering take on current BTC price action focused on Bitcoin