Crypto Industry News:
Do Kwon, the CEO of Terraform Labs, is on the heels of the CEO of MicroStrategy. The Terra wallet has now accumulated nearly $ 1.5bn in Bitcoin after another massive BTC purchase.
The wallet address believed to belong to Terra (though not officially confirmed) received another 2,943.00002511 BTC ($139 million) today.
The wallet began accumulating colossal amounts of Bitcoin on January 21 and has not sold a single satoshi. While the wallet first injected nearly 10,000 BTC on January 21, it began accumulating tokens in earnest on March 22. Time coincides with the CEO announcement that "$ UST with $ 10bn + in BTC reserves will open a new monetary era for the Bitcoin standard."
TerraUSD (UST), an algorithmic stablecoin, would be tied to the value of the US dollar, and the value of these "dollars" would be backed by Bitcoin reserves. Terra's native token, Terra (LUNA), will also play a role in creating a stablecoin.
As a result, Kwon was buying harder and faster than even the biggest Bitcoin bulls. According to BitcoinTreasuries, Terraform Labs will soon bypass Tesla as the second largest Bitcoin holder, catching up with MicroStrategy.
Ultimately, Kwon's goal - as he says in the video below - is to ensure that his Bitcoin vault rivals Satoshi Nakomoto, the anonymous creator of Bitcoin.
Technical Market Outlook:
The BTC/USD pair had made a new swing high at the level of $48,200 and after a short period of consolidation the market started to pull-back from the highs. The price is back inside the ascending channel, so the rally towards the $50k might even accelerate more from here. The strong and positive momentum supports the bullish outlook and the next target for bulls is seen at the level of $49,419 and $50,000. The nearest technical support is seen at $45,836 and $44,785 and the ovebalance level is located at $46,357.
Weekly Pivot Points:
WR3 - $54,840
WR2 - $50,509
WR1 - $48,758
Weekly Pivot - $44,750
WS1 - $43,057
WS2 - $38,623
WS3 - $36,642
Trading Outlook:
The market still keeps trying to bounce after over the 60% retracement made since the ATH at the level of $68,998 was made. The bulls are now approaching the game changing technical supply zone seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend, otherwise the bearish pressure might push down the BTC towards the level of $29,254.