Bitcoin Retakes Robust Position As Price Nears $45,000

Christian Encila

3 years ago

2 mins read

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Bitcoin’s price has momentarily surpassed $44,000, extending its impressive streak of roughly $7,000 gains over the last week.

Bitcoin has steadily increased after weeks of difficulty, approaching the $45,000 mark – a 1% increase in the last 24 hours and a nearly 20% increase in the last 30 days, Coingecko charts show.

According to CoinMarketCap data, the world’s largest digital cryptocurrency was recently priced above $45,000 on February 10.

Bitcoin is exhibiting a trend that indicates it may sustain its recent gains. According to Bloomberg Markets’ crypto monitoring, a so-called triangle shape on Bitcoin’s price chart is compressing tighter and the cryptocurrency is poking at the triangle’s upper end.

Bitcoin On A Steady Upward Momentum

Bitcoin’s price has been steadily rising over the last week, spearheading a crypto market resurgence that has seen Cardano (ADA), Ethereum (ETH), and Solana (SOL) all increase by more than 10%.

Taken together, the increases have pushed the total cryptocurrency market back beyond $2 trillion.

BTC total market cap at $844.15 billion on the weekend chart | Source: TradingView.com

After breaking through the $40,000 barrier last week, bitcoin has maintained its gains and is now trading at the top confines of the $$44,000 zone it has been trading within since the start of the year.

As this unfolds, the US stock market is up today, as is cryptocurrency. The S&P 500 index is expected to gain 1.4% on a weekly basis, while the Nasdaq is expected to gain approximately 2%. Bitcoin has increased by approximately 6% in the last week.

Can The ‘Digital Gold’ Hold Ground?

Bitcoin has long been referred to by some pundits as “digital gold” — a safe-haven asset that will remain stable when all other investments falter.

Bitcoin has only dipped below its four-year moving average a few times in its history, and even then only briefly, which means that the record price set four years ago is now considered the absolute bottom by some crypto analysts.

When Bitcoin does well, the rest of the market typically (but not always) follows suit. It’s been a good week, owing in part to a landmark Wall Street announcement: Goldman Sachs became the first major US bank to conduct a crypto transaction on Tuesday.

By purchasing an OTC Bitcoin non-deliverable option (NDO) from Galaxy Digital, the New York-based investment bank completed an over-the-counter (OTC) transaction.

According to others, this has resulted in an increase in investor confidence, as investors view the large sums of money and interest from established players as a cause to get involved and invest in crypto.

Featured image from TIME, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.