Bitcoin price: Crypto may soon gain a fresh impetus

Bitcoin price is tracing a pattern that suggests the world’s largest digital token could build on its recent gains. A so-called triangle shape on Bitcoin’s price chart is squeezing tighter, and the cryptocurrency is jabbing at the upper end of the triangle. That suggests a momentum tailwind for Bitcoin, and if it breaks a high of $45,300 from early March, targets of $50,450 and $54,000 come into play based on the popular technical analysis technique of Fibonacci extensions.

Bitcoin price Hits 3-Week High While Breaking Out of Trading Range

(Bloomberg) Bitcoin climbed to more than $44,000 for the first time in almost a month, breaking out of its recent narrow trading range amid a renewal of risk appetite.

While the increase closely mirrored gains among U.S. equity indexes, the largest cryptocurrency by market value was also bolstered by speculation that Russia is mulling accepting it for payments and that the operator of the Terra blockchain is buying the digital token as a reserve.

A Russian official mentioned Bitcoin when talking about what currencies the nation might accept as payment for oil and other resources during a press conference, CoinDesk reported.

Do Kwon, the co-founder and chief executive officer of the firm behind the Terra blockchain, tweeted Tuesday that the Luna Foundation has $3 billion funds “ready” to fund reserves.

Twitter Crypto is speculating that an Ethereum wallet that may be associated with Terra has sent more than $350 million of Tether out to potentially purchase Bitcoin.

Do Kwon did not immediately respond to a request for comment.