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

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.