Bitcoin heads for 2-week highs as Terra promises BTC price will soon 'get spicy'

Bitcoin (BTC) regained caller crushed connected April 21 aft bears failed to summation power of short-term terms enactment overnight.

BTC/USD 1-day candle illustration (Bitstamp). Source: TradingView

Trader: Holding $42,300 could unfastened up way to $50,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching caller section highs of $42,455 connected Bitstamp Thursday.

With the Wall Street unfastened inactive to come, upward momentum meant that the brace was present astatine its highest since April 10. Wednesday's opening doorbell had nevertheless been accompanied by bearish terms pressure, and traders frankincense remained cautious astir what could travel next.

"If the marketplace wants to spot continuation, it has to ace that portion astir $42.3K for Bitcoin," Cointelegraph contributor Michaël van de Poppe told Twitter followers.

"This is besides a regular breaker. If it breaks, I'm assuming a caller trial of $46K is astir the country and perchance $50k+."

Much stood successful the mode of a travel to $50,000 and reclaiming it arsenic support. As Cointelegraph reported, successful summation to various semipermanent moving averages, the yearly open, on with whale selling habits, person each kept bulls from exiting the 2022 trading range.

"So far, truthful bully for Bitcoin," Van de Poppe reasoned successful his latest update, noting that the U.S. dollar currency scale (DXY) was continuing to retrace successful what is traditionally a boon for crypto markets.

"I don't deliberation the upside is done, arsenic the $DXY is showing weakness."

Also emboldened astatine the imaginable of stronger BTC terms show coming up was Blockchain protocol Terra, present celebrated arsenic 1 of the largest Bitcoin whales aft purchasing astir 45,000 BTC successful 2022.

In a tweet connected the day, the firm's authoritative relationship claimed that Bitcoin was successful enactment to "get spicy," hinting that it did not expect continuation of sideways terms action.

— Terra (UST) Powered by LUNA (@terra_money) April 21, 2022

Whales not successful the temper for "up only" bets

Looking astatine whales' movements much broadly, however, determination remained a deficiency of a convincing trend.

Related: Analysts accidental Bitcoin has ‘already capitulated,’ people $41.3K arsenic the astir clasp level

As trader and expert Rekt Capital noted connected the day, buying and selling among Bitcoin's largest hodlers remains caught successful a constrictive range.

"Number of unsocial addresses holding min. 10K BTC has been expanding since Feb '21," helium commented alongside information from on-chain analytics steadfast Glassnode.

"That said, 1st signs of a Lower High forming arsenic immoderate whales offloaded positions astatine ~$43K. Whales mostly accumulating but immoderate sold lately. Could the Higher Low get revisited?"

10,000 BTC wallet numbers vs. BTC/USD annotated chart. Source: Rekt Capital/ Twitter

Addresses with astatine slightest 10,000 BTC peaked successful 2018, with the carnivore marketplace bottommost of December that twelvemonth causing a dense reallocation.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.