Bitcoin prices hit a three-month high; What is the condition for continuing the upward trend?

Hours ago, the price of Bitcoin crossed the $ 47,700 mark, reaching its highest level in three months. Experts say that with the end of the first quarter of 2022 this week, the next few days are of particular importance to the market.

To Report The price of Bitcoin reached its highest level in the last three months at $ 47,765 in less than 5 hours with a jump of almost 7% from the beginning of this morning. The price has risen more than 15% compared to last Monday, while the daily Bitcoin candle closes in green for the sixth day in a row. The price of Bitcoin at the beginning of 2022 was about $ 47,740.

In its morning report, QCP Capital cites rising prices for other assets in global markets as a factor in continuing the short-term uptrend in bitcoin. According to the investment firm, the recent large acquisitions of the Luna Foundation are another reason for the price increase in the bitcoin market.

QCP Capital experts wrote in their report:

One of the most important purchases this week was the $ 125 million purchase of the Luna Foundation. The acquisition is part of a special program to raise $ 3 billion in bitcoin to support TerraUSD.

Atrium and other major currencies in the market have also had an upward trend during this period. Atrium has experienced a jump of almost 6% since last night, following Bitcoin, and is now trading above $ 3,320, which is the highest level since early February. Solana, Cardano and Olench are among the ascending instruments of today, and Dodge Quinn and Shiba Ino have experienced a jump of 7% and 8%, respectively, in the last 24 hours.

Traders in the digital currency market are now accelerating again after weeks of declining volume.

Joe DiPasquale, founder and CEO of BitBull Capital, said:

As buyers try to transform price resistance into new protections and follow this uptrend, the trading volume in the market has also increased. If buyers fail to do so, they should [مثل گذشته] Let’s wait for the price to stabilize at lower levels.

DiPasquale said Bitcoin has had a good week, and one of the reasons is the expiration of options contracts with quarterly maturities. He says bitcoin has so far survived the US Federal Reserve’s decision to raise bank interest rates in the coming months and the economic consequences of the Russia-Ukraine military conflict.

The CEO of Beatball Capital has been cautious in his assessment of price fluctuations in the coming days, saying:

While market participants are bullish and the Bitcoin fear and greed index is “neutral”, buyers will need to stabilize the price above $ 46,000 to continue this uptrend. This week is especially important, because the end of the first quarter of 2022 is this week and we may see an increase in market fluctuations after that.