Bitcoin (BTC) saw a fresh spike to near $45,000 overnight into March 27 as the weekend looked set to deliver a decisively bullish close.
While still within its extended trading range with $46,000 as its ceiling, the pair was still firmly on the radar of long-term traders as the weekly close drew near, this being apt to be Bitcoin‘s highest of the year so far.
#BTC is positioning itself well for a breakout Weekly Close beyond a key Bull Market EMA (21-week EMA)
After pushing above $40,000 last week, bitcoin consolidated its gains and now trades towards the upper bounds of the $34,000-$44,000 window that it has been within since the start of the year. The positive movement also saw the cryptocurrency pass a psychological milestone, as the four-year moving average climbed above BTC’s all-time high from 2017.
Bitcoin has only fallen below its four-year moving average a few times in its history, and even then only for a brief period, meaning its record price from four years ago is now considered its absolute bottom by some crypto analysts.
The recent surge could be tied to the head of the Russian parliamentary committee on energy announcing that Russia is considering bitcoin as a payment option along with fiat currency for its oil and gas exports.
The Bank of England has taken the unexpected step today of sketching out Britain’s first regulatory framework for cryptocurrencies like bitcoin, a new report from Reuters has revealed. It comes amid concerns that cryptocurrencies are being used by countries like Russia to bypass economic sanctions, though the BoE said such fears may be being overstated. “While cryptoassets are unlikely to provide a feasible way to circumvent sanctions at scale currently, the possibility of such behaviour underscores the importance of ensuring innovation in cryptoassets is accompanied by effective public policy frameworks to… maintain broader trust and integrity in the financial system,” the BoE’s Financial Policy Committee said in a statement on Thursday.
The overall crypto market has grown by over 0.5 per cent in the last day and is valued at $1.92 trillion. The chart is mostly green with the values of most leading cryptocurrencies remaining the same as they were a day earlier. Lets see how the upcoming event – Bitcoin 2022 | Miami Beach, Education, Celebration, Hyperbitcoinization, i’ll be there come network with me! Cheers