• Sun. Oct 1st, 2023

Bitcoin Crosses $44K – A Sign of Bulls Return?



Jan 13, 2022

Opinions are divided for Bitcoin, yet Bitcoin has managed to earn US$ 44,000 twice in a single day on 13th January 2022.

It is said that the return of US$ 44,000 for Bitcoin is an indication that Bitcoin would soon be crossing US$ 46,000.

On 12th January 2022, new inflation data was published in the US. However, throughout that day and even on the 13th, Bitcoin remained relatively higher which led it to the price of US$ 44,000. Still, there are many who are suggesting that supporters must not become overconfident.

Experts are of the view that Bitcoin’s current state looks ‘toppy’. At the same time, asks have been diffused because of few resistance levels. In the meantime, further resistance levels would creep in once the Bitcoin bulls start to show up. However, in order for Bitcoin to clear all of the resistance levels at once, the whole herd of Bitcoin bulls will need to come together.

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Other experts believe that it will be a price ‘squeeze’ that would ultimately take Bitcoin value further high.

At the present moment, Bitcoin has lost US$ 1,000 in value and is swapping hands for US$ 43,451. Today’s lowest value for Bitcoin was US$ 43,212 while the highest in the day so far was US$ 44,446. Still, there are 4 hours left in the closing of day trading. Considering, Bitcoin’s weekly movement average, there has been a value increase of almost 4.59%. This means that the closing of the day is likely to end with some gains for Bitcoin. Even if Bitcoin fails to end day trading over US$ 44,446 yet anything over and above US$ 43,575 would be welcome.

Meanwhile, Tonga is also exploring the possibility of legalizing the use of Bitcoin in the country under a ‘legal tender. It is expected that by November 2022, Tonga will too be able to replicate Bitcoin tender as had been adopted by El Salvador. Former Parliamentarian of Tonga namely Lord Fusitu’a has been very active on Twitter these days talking about Bitcoin. He has also shared an ETA for Bitcoin in which he has described the path to how Bitcoin will be legalized in the country. Perhaps President Nayib Bukele was referring to Tonga when he said there will be two more states adopting Bitcoin as El Salvador did.


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