It may have only been a moment, but the world’s largest cryptocurrency sped past its projected 2022 breakeven point of $47,524.
Bitcoin exceeded its breakeven point with a high of $47,524 as the global trading week opened on March 28th but settled down to a more modest $46,850 towards the end of the day.
In the 24 hours before trading opened, Bitcoin’s value went up by 5%, gaining over 12% since March 20th throughout a six-day climb.
According to Singapore firm QCP Capital, a broader rally in global asset prices prompted Bitcoin’s bullish momentum. This is likely to go on throughout the next few weeks. QCP executives added that continuing Bitcoin buys from Luna is another factor worth considering.
In the note QCP published early on the 28th, one special buy over the past week was Luna’s 125 million Tether (USDT) purchase of bitcoin, said to be part of a plan to have around US$ 3 billion worth of Bitcoin on hand as a reserve for TerraUSD (UST.)
For his part, fund management firm BitBull Capital’s CEO Joe DiPasquale noted that Bitcoin had an intense week considering the expiration of its quarterly options. However, the cryptocurrency also showed resilience after the US Federal Reserve’s recent decision to raise interest rates due to the economic fallout from the ongoing crisis between Russia and Ukraine.
However, DiPasquale was quick to add that the current week is critical as it marks the end of Q1-2022, thus raising the possibility of increased volatility.
Cryptos in Bloom
The start of the week could easily be called “spring in cryptoland” as several major cryptocurrencies were also seen blooming with considerable gains. Indeed, analysts noted that trading was on an uptick after several weeks marked by low trading volume.
Ether, the world’s second-largest crypto in terms of market capitalization, seemed to mirror Bitcoin’s weekend gains as it was traded at $3,250 – the highest it has been since February of this year.
Other cryptos, namely Avalanche, Cardano, and Solana, posted positive gains. Likewise, meme coin Dogecoin was up by 6%, while another novelty coin, Shiba Inu, was up by 3%.
Concerning this, DiPasquale said that trading volumes are on the uptick as buyers aim to transform this line of resistance into support as they take additional steps as to pricing. However, if buyers do not stay above the line, they could consolidate at a much lower point.