BTC Springs Past $46K And Hits 3-Month High: Price Analysis

BTC springs past $46K and hit a 3-month high with the number one cryptocurrency increasign for six days and gaining 12% since last week as we reported in our Bitcoin news.

The biggest crypto by market cap surged above $46,000 and increased by 4% over a period of two hours to reach a three-month high. BTC gained over 12% since last week after climbing six consecutive days and remains of its $47,740 starting point from 2022. BTC springs past $46K now and in a note published by Asia time, Singapore’s QCP capital pointed to a broader rally in the crypto asset prices because of a bullish momentum that will continue in the near term. The fund pointed to the continued BTC buys from LUNA as the main reason for the momentum.

One major buy flow this week was the 125 million USDT purchase of BTC by Luna Foundation Guard and the purchase is a part of the plan to accumulate a total of 3 billion USD worth of BTC as a reserve for Terra’s UST. Ether and other coins were also in the green. The second biggest crypto by market cap followed a similar pattern to BTC and was changing hands at $3,250 which is the highest level since February. Cardano, Solana, Avalanche among other coins were in the green as well with meme coins like SHIB, DOGE also being up by up to 6%.

The CEO of Fund manager BitBull Capital, Joe DiPasquale noted:

“Trading volumes are up as buyers try to turn this resistance line into support and take further steps up in pricing. If we don’t remain above this line, we will consolidate lower than here.”

DiPasquale said that BTC had a strong week given the quarterly options expiry on Friday and noted that BTC Showed quite the resilience after the FED’s decision last week to raise the interest rates as well as due to the continued escalation of Russia’s attack on Ukraine. He was also cautious in his appraisal of the upcoming days and said:

“While market participants are starting to get bullish and the fear and greed index is at neutral, BTC bulls will want to see the price consolidating above $46,000 for further continuation. The coming week is also important as it marks the end of the quarter, and we could see increased volatility after that.”