Bitcoin Eyes Retesting $44,420 Level as Bulls Continue Severe Domination

• If the price manages to go above $44,420 then it will likely test $47,100 resistance level.
• At the time of writing, Bitcoin is trading at $44,200, up 6.01% in the last 24 hours.

Surprisingly the US government’s acquisition of bonds via stablecoins, most notably USDT Tether, and the continuous upward trend in Bitcoin happen at the same time.  A massive $24 trillion crisis, centered on the dropping value of U.S. Treasury bonds are haunting the financial sector, and this event develops against that background.

A slow-motion meltdown has occurred in the U.S. Treasury bond market, and long-term bonds are now selling at about half their face value. Worries about inflation and excessive government expenditure are heightened by this unusual scenario.

Bitcoin futures open interest has surpassed $5.2 billion on the world-renowned Chicago Mercantile Exchange (CME), falling just $200 million shy of the all-time high recorded in late October 2021. Open interest in Bitcoin futures sold by CME has jumped from $3.63 billion to $5.20 billion in the previous 30 days, according to information published by Coinglass.

Massive Uptrend

Following recent increases that caused Bitcoin’s price to break the $44,000 mark, investors may soon be faced with the prospect of a market correction, which might have negative short-term consequences. Having said that, there are good aspects to corrections as well. They may fix excessive asset prices and provide the opportunity to acquire.

At the time of writing, Bitcoin is trading at $44,200, up 6.01% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 25.62%. After failing to clear above $44,420, the price faced minor correction. However, the bulls intervened and drove the prices up again.

If the price manages to go above $44,420 then it will likely test $47,100 resistance level. However, if the price goes below $43,480 support level, then it will likely test $42,690 level.