Bitcoin (BTC) and Cronos (CRO) Price Rides Bullish Momentum

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  • The 2022 FIFA World Cup will have (CRO-USD) as an official sponsor.
  • A major bullish trend line is forming with support of around $42,300.

After a downward correction, Bitcoin price found support at the $42,000 level. The price of Bitcoin built a base and began a new rise over the $42,500 resistance area. Next, prices rose quickly and decisively over the $42,800 mark, with the price eventually settling above the 100-hour simple moving average. Finally, prices rose past $43,000, reaching a high of around $43,288. It has currently trading around $43,000.

BTC/USDT: Source: TradingView

Strong Bullish Momentum

The latest wave from the $41,811 swing low to the $43,288 high was retraced at a 23.6 percent Fib level. On the hourly chart of the BTC/USD pair, a major bullish trend line is forming with support of around $42,300. The $43,300 level serves as resistance for the price on the upswing. The $43,500 level may act as the next significant hurdle. Breaking and closing over the $43,500 mark might signal the beginning of a new upward trend following the strong bullish momentum.

The price might jump to $44,200 in the aforementioned scenario. However, if the price rises, it may soon reach $45,000. The Central Bank of Honduras, or BCH, has responded to speculations that the nation, like its neighbor El Salvador, would embrace Bitcoin as legal cash.

For the time being, Bitcoin (BTC) is not regulated in Honduras and not recognized as legal cash in many other countries, according to a statement from the country’s central bank on Wednesday. According to Honduran law, only the Bank of the Republic of Honduras (BCH) is entitled to produce banknotes and coins that are legal currency in the nation.

CRO/USDT: Source: TradingView

Thanks to the exchange’s partnership with FIFA, the 2022 FIFA World Cup will have (CRO-USD) as an official sponsor. At the Qatar World Cup, (CRO-USD) will show its logo across the stadium and the stadium’s broadcast area to raise brand recognition. According to CoinMarketCap, the Cronos price today is $0.439126 USD with a 24-hour trading volume of $96,830,967 USD. Cronos is up 5.45% in the last 24 hours.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.