Bitcoin Almost Hits $44,000 With Terra $125 Million BTC Purchase Tempo Up

Christian Encila

Last Updated: June 11, 2024 2:18 pm

3 mins read

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Since Jan. 24, Bitcoin has been rising above an ascending support line. Thus far, the cryptocurrency has confirmed the line many times, and the subsequent rebound has resulted in the continuous upward movement.

The price is rapidly approaching the $44,000 horizontal resistance line, which BTC has not traded above since the first week of January.

Wednesday’s price decline was brief, as bitcoin surged to a fresh three-week high above $43,000.

The majority of altcoins have also entered the green zone, led by Dogecoin, Shiba Inu, Cardano, and NEAR Protocol.

Bitcoin Gathers Momentum

It was less than a week ago that the world’s most valuable cryptocurrency landed at just over $40,000, and the community was fearful that the commodity might go below that coveted threshold.

However, the situation immediately shifted, and Bitcoin began an incredible run that culminated in a price of $42,000-plus.

Following that, a minor pullback dropped bitcoin down to $41,000. Nonetheless, the bulls rallied and drove BTC higher.

For the first time since March 4, the cryptocurrency reached and momentarily notched over $43,000 this time.

BTC Firm Despite Pressure

As a result, bitcoin is presently about 5% higher than it was last week at this stage, despite recent price volatility.

The BTC/USD pair attempted to crack and secure its highest levels in weeks Thursday, according to data from TradingView.

The pair had consolidated the previous day, with lower timeframe sideways activity giving way to a “grind” upwards that drove Bitcoin to near the $44,000 – a level not seen since March 3.

Crypto total market cap at $1.68 trillion on the daily chart | Source: TradingView.com

Terra, which had gained notice because to its aspirations for a massive $10 billion BTC allocation, was said to have transmitted Tether (USDT) from an alleged wallet valued at about $750 million at the time of writing.

Do Kwon, Terra’s co-founder, initially stated a target of $10 billion for backing the firm’s new US dollar stablecoin, followed by $3 billion in a weekend interview, but confirmed on Tuesday that the final crosshair was $10 billion.

Crypto Traders Upbeat

Despite the apparent inflow of liquidity, the atmosphere among traders was leaning toward confidence, as was the spot price.

Credible Crypto, a popular Twitter account, specifically targeted people looking to buy in at prices below $40,000.

“Sub 40k $BTC sellers sweating at the moment as $125 million chunks of fiat are being deployed into BTC 10% higher than where they sold.”

Meanwhile, bitcoin has retraced approximately a few hundred dollars and is now trading around $42,000. It resumed the strong push hours later and is currently trading near $43,000, having reached a new three-week high earlier in the day.

Featured image from PCMag, chart from TradingView.com

Christian Encila

Christian Encila is a journalist, editor, crypto analyst, and virtual assistant focused on storytelling, financial markets, and digital media. He blends strong writing skills with in-depth analysis, turning complex information into clear, accessible insights.

His writing began in college as a feature writer for his school publication, building research and storytelling skills. He later worked as an editor at a data engineering firm, gaining recognition for writing and discipline.

He expanded internationally in Canada and South Korea, then returned to the Philippines for a decade in a major newsroom. There he became a senior news writer and editor, simplifying complex topics for broad audiences.

He later moved into cryptocurrency journalism as a crypto analyst and market expert at NewsBTC, covering trends and blockchain developments. Alongside writing, he works as a Virtual Assistant supporting editorial operations, workflows, and coordination tasks.

Outside work, he enjoys motorbikes, riding a Yamaha R3, preferring relaxed coastal rides. He spends time with two cats and a dog, and unwinds with coffee, Filipino food, and occasional rum while watching comedy films.

His career blends journalism, analysis, and support roles, reflecting adaptability across media, markets, and digital content production in modern newsroom environments and remote work settings globally.

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