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All eyes are up, could bitcoin break out?

Bitcoin whales blijven aan de zijlijn staan, opwaartse trend onzeker

The price of bitcoin (BTC) has been in a nice uptrend for almost two weeks now. At the moment, however, the price is hiccuping against an important zone of resistance. It will be of great importance what bitcoin will do in the next few days. Will there be a breakout and will we move towards $50,000, or will we not be able to break through the resistance and will we have to take a step back first?

‘fake out’

First of all, of course, it’s good news that bitcoin is still hovering around $44,500. This means that the uptrend is still clearly in place. Traders, however, did sound the alarm after some huge crypto exchanges suddenly exploded sell walls originated. This aroused the suspicion that the advance of the bulls might be halted just above $45,000.

In addition, a possible breakout has already failed twice in a so-called fake out† According to analysts on Twitter, it is very important that the third attempt is successful. again a rejection would mean bad news.

What gives many investors hope for an upward movement right now is the fact that the blockchain protocol Terra is stocking up on a large shipment of bitcoins. At the moment there are on the wallet of Terra already more than $1.1 billion in bitcoins.

Bitcoin transaction costs historically low

Despite the serious upward trend of recent times, transaction costs on the Bitcoin network remain extremely low. This is because the activity on the network is simply relatively low. According to noted analyst Benjamin Cowen, this is because the mainstream public is nowhere to be seen at the moment.

“Obviously the ‘tourists’ are gone at the moment. But they will be back. They always do.”

At the moment, as it often is, we have to wait and see what the price of bitcoin going to do. An outbreak to the top would be huge bullish are for the foreseeable future. A small pull back wouldn’t be a disaster, though. As long as the price manages to stay above $37,500, we can still talk about a local uptrend.

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