Bitcoin (BTC) has gained more than 3% in the last 24 hours, reaching a three-week high of $44,200 earlier on Wednesday before falling back to $44,000.
The fact that Pavel Zavalny, chairman of Russia’s congressional energy committee, earlier Thursday suggested bitcoin could work as the country considers hard currency alternatives for oil sales in light of Western sanctions imposed on Russian companies boosted the bulls’ mood. Split Capital analyst noted not only a price increase following those comments but also a significant increase in bitcoin open interest.
According to GlobalBlock, a digital asset broker based in the United Kingdom, bitcoin’s price strength is notable in light of a 25% increase in oil prices over the last week. According to the firm’s analysts, the oil run needs to cool before bitcoin can continue to gain. According to GlobalBlock, the accumulation of bitcoin by large investors bodes well for the cryptocurrency. This includes the Luna Foundation Guard’s plan to buy $3 billion in bitcoin in the short term and $10 billion in the long run. That’s a lot of buy pressure, according to GlobalBlock, who predicts seller exhaustion and a run above $45,000 as long as oil prices don’t reach new highs.
Overall, bitcoin is trading in the green above the USD 43,500 mark. If BTC settles above USD 44,200, it may attempt to break through the USD 45,000 resistance in the near term.
Ethereum price
The price of Ethereum has also risen above the USD 3,000 resistance, clearing the USD 3,120 level, and is now up nearly 4% in a single day. The next major resistance level could be near USD 3,150, after which the price could rise to USD 3,220.
If the price falls further, the bulls may remain active near USD 3,050. The next major support level is near USD 3,000, below which the price may test the USD 2,950 support zone.
In other news, ether (ETH) is up 4% to $3,111, its highest level since February 16, while Cardano (ADA) and Solana (SOL) are both up about 10%. Cardano (ADA) has accelerated above the USD 1.12 resistance level. It even surpassed USD 1.15, but there was no test of the USD 1.20 resistance level. It is currently consolidating near the USD 1.12 mark.
