Bitcoin sellers keep BTC price action in check amid $45,000 fakeout alert

Bitcoin (Bitcoin) took a breather from its recent uptrend on March 26 after hitting predicted resistance just below the year open.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Bitcoin Fakeouts: The Third Time Is the Stimulus?

Data from Cointelegraph Markets Pro and trading view showed BTC/USD lingering around $44,500 on Saturday, preserving the lion’s share of the week’s progress.

dealers had sounded the alarm for a possible retracement after a large selling wall appeared on major exchange Bitfinex. In this case, the pressure on the sell side prevailed and halted the bulls advance at just above $45,000.

“Still waiting to see how the price moves around the year open. The previous times I aimed for it we came up short but came very close although this time is looking better for BTC. Almost there”, the popular dealer Pentoshi summarized.

Colleague on Twitter BC Richfield, meanwhile, emphasized the need to break the current local high of $45,135 after two “fakeouts” on shorter timeframes. A failure, he argued before the top, would be bad news.

Another topic of discussion this week is that of the blockchain protocol Terra Multi-billion dollar bitcoin buy-inwent on, executives added about another 3,000 BTC to a wallet now contains 24,954 BTC ($1.1 billion).

Media attention and excitement grew in lockstep with analytics firm Messari point out “increased usage and fundamentals” driving Terra’s price LUNA tokens while other smart contract tokens traded lower.

Nevertheless, LUNA/USD at the time of writing is in the same position it was trading in over the past weekend, while both Bitcoin and the largest altcoin Ether (ETH) increased by more than 6% in the same period.

Fees remain a bargain

However, for all the focus on a trend reversal within the crypto industry, Bitcoin has remained firmly under the radar for the mainstream.

Related: After years of doubts and concerns, it’s finally time for Bitcoin to shine

In addition to the Google Trends data, the one ongoing lullAnalyst Benjamin Cowen noted that Bitcoin is low transaction fees underscored a lack of activity.

“To an extent, bitcoin transaction fees tell you what you need to know,” he said called.

“Of course the tourists are gone at the moment. But they will come back. They always do.”

Graph of Total Bitcoin Transaction Fees. Source: Blockchain

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