The price of bitcoin has been steadily moving upward since it dropped below the $30,000 mark last week. After hitting $34,000 earlier, it jumped and a technical pattern now suggests it may move up to $44,000 thanks to the surge.
Behind the cryptocurrency’s upward movement were a number of factors that were kicked off with Elon Musk revealing his space exploration company SpaceX holds BTC in its balance sheet, and that he personally bought BTC, ETH, and DOGE.
Over the weekend, Business Insider reported Amazon is looking for a candidate to “develop Amazon’s Digital Currency and Blockchain strategy and product roadmap” through a job posting, and earlier today U.K. publication CityAM cited an insider saying Amazon’s plan is to accept BTC payments “by the end of the year.”
The insider noted the firm is looking to accept other cryptocurrencies later on, before launching its own cryptocurrency. The news led to a price rise that subsequently led to over $1 billion in liquidations over the last 24 hours, according to bybt data.
The cryptocurrency’s chart, Bloomberg reports, now formed a double-bottom pattern that points to a rally to $44,000, which is where the pattern’s objective and BTC’s 200-day moving average are converging. The same pattern can be seen on crypto’s total market cap chart.
Bitcoin, Bloomberg adds, may face near-time resistance n the $41,000 to $42,000 area before moving upward from there. It’s worth noting a double-bottom pattern is a “technical analysis charting pattern that describes a change in trend and a momentum reversal,” according to Investopedia.
Double bottom patterns, it adds, are always followed by a short downtrend and signal the beginning of a potential uptrend. The level that the price of the cryptocurrency touched twice to form the pattern is considered a support level.
Bitcoin whales have reportedly accumulated over $3 billion worth of the flagship cryptocurrency over the last three weeks, when its price was ranging close to $30,000 and dipped below that mark before quickly recovering.
That’s according to on-chain analyst Will Clemente, who on social media claimed whales have bought over 96,044 BTC to their assets over the last three weeks. Clemente’s words were based on a chart from Glassnode.
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