Quick take:
- Bitcoin has hit a local high of $44k
- Bitcoin is currently in bullish territory above the 50-day and 100-day moving averages
- The bullishness surrounding Bitcoin and the push towards $44k can be attributed to rumors of Russia accepting BTC for energy exports
- Bitcoin could hit $48k around the 200-day moving average
Bitcoin has once again hit a value of $44,000 which was last witnessed at the beginning of this month.
This recent achievement by Bitcoin was accomplished moments ago as the King of Crypto continues on its bullish trajectory above the 50-day (white) and 100-day (yellow) moving averages.
However, and from the daily BTC/USDT chart above, Bitcoin’s bullish momentum could be running out of gas as the daily MFI and RSI are in somewhat overbought territory at values of 71 and 62 respectively. The daily MACD is yet to show signs of weakness although the length of its histograms indicates a low buy volume by the bulls.
Consequently, Bitcoin might still have a chance at tapping the 200-day (green) moving average at around the $48k price area in the days to follow. This feat will most likely be achieved in the new month of April.
Rumors of Russia Planning to Accept Bitcoin for Energy Exports
To note is that Bitcoin opened the day at roughly $43k and went on to experience a local low of $42,500 two hours ago.
The energetic drive to $44k can be attributed to news circulating on social media, that Russia could soon consider Bitcoin as a form of payment for energy exports.
The possibility of Russia accepting Bitcoin for energy exports was derived from a news interview of the Chairman of the Committee on Energy in Russia, Pavel Zavalny, in which he stated the following:
‘The currencies used can be different and it’s a normal practice. If it’s Bitcoin, then it’s Bitcoin.’
NEW – Russia to accept #Bitcoin as payment for energy exports, says Pavel Zavalny, Chairman of the Energy Committee.pic.twitter.com/wUEOzX8Kfz
— Disclose.tv (@disclosetv) March 24, 2022
At the time of writing, there has been no official confirmation that Russia will begin accepting Bitcoin as a form of payment for Energy exports.
If it does turn out to be true, Bitcoin will once again face serious scrutiny from legislators in the US and EU who have raised concerns that cryptocurrencies can be used by Russia and its elites to circumvent the ongoing sanctions aimed at halting its invasion of Ukraine.