Bitcoin Retakes $44K Amid Broad Crypto Rally
Bitcoin (BTC) is up more than 3% over the last 24 hours, climbing to a three-week high of $44,200 earlier on Wednesday before modestly pulling back to the current $44,000.
- Helping the mood for the bulls, Pavel Zavalny, chairman of Russia’s congressional energy committee, earlier today suggested bitcoin could work as the country considers hard currency alternatives for oil sales given stringent Western sanctions.
- One analyst took note of not just the price spike following the comments, but a big jump in bitcoin open interest.
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- The team at U.K.-based digital asset broker GlobalBlock said bitcoin’s price strength was particularly interesting given a 25% increase in oil prices over the past week. They believe the oil run needs to cool for bitcoin to continue with gains.
- Also good news for the bulls, said GlobalBlock, is whale accumulation, including Luna Foundation Guard’s plan to purchase $3 billion of bitcoin in the short term and $10 billion in the long-term.
- That’s a lot of buy pressure, says GlobalBlock, expecting seller exhaustion and a run above $45,000 as long as oil prices don’t make new highs.
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