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#Bitcoin Price Analysis

Bitcoin Price Reversal: Get ready for a bull run

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After suffering a major bear attack, Bitcoin has finally recovered more than 8% in the last 24 hours with the price now trading around $4100.

After suffering a major bear attack for several days, Bitcoin has finally recovered more than 8% in the last 24 hours with the price rising up to $4150.

The major support for Bitcoin is now at $4000 with a most needed recovery in the last 24 hours.

Following Bitcoin, other prominent cryptocurrencies such as XRP and ETH also started to gain momentum with a rise of over 6% and 8%. Ethereum is trading around $115 breaking yesterday’s resistance of $110. The price was expected to fall down to around $60 if the major support at $100 was broken but the bears could not break this robust support. The market capitalization which was also on a downfall from many days has also gained around 20% in the last 24 hours.

 

Bitcoin ready for a bull run

The price of bitcoin has gained momentum adding a huge market capitalization today which also brought up the market cap of the total cryptocurrencies form $12 billion to around $18 billion.


 

Currently, Bitcoin is trading at 4062 according to CoinGecko (at the time of publication). Analysts are now predicting a reversal in the price of bitcoin which could turn the price to over $5000 in short term. The demand for bitcoin is now increasing as the price is at a yearly low. Although there is huge resistance around $4150 to $4200 which if broken can cause the price to surge massively above $5000 range.

 

This article is only the viewpoints of the author and the author is not a financial advisor. You should do your own due diligence before taking any position in Bitcoin or any Cryptocurrency market.

#Bitcoin Price Analysis

BTC to USD: Bitcoin Price Analysis, Bulls vs Bears

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Bitcoin price was able to recover after falling up to $4920 recently. BTC is currently trading nicely and might soon test $5200 resistance level.

Technical Indicators:

Support Levels: $5120, $5050

Resistance Levels: $5200, $5250

 

Key Points:

  • Bitcoin price crashed below $5000 support level recently.
  • The support around $4920 proved strong enough to stop further losses and BTC started to recover after testing this support range.
  • Bitcoin price was able to break through the bearish pattern which was formed with resistance around $5100 on the hourly chart.
  • BTC is currently trading in an upward momentum above the 100 hourly SMA.

Bitcoin Price Analysis:

Summary: Bitcoin price was able to recover after falling up to $4920 recently. BTC is currently trading nicely and might soon test $5200 resistance level.

Last week, bitcoin corrected downwards sharply falling below $5000 support level and tested the $4920 support. After this, bitcoin started a fresh upward move and moved over $5000 and $5100 resistance levels. The buying pressure even moved BTC above $5150 and the 10 hourly SMA.

Bitcoin price was able to break through the bearish pattern line which was formed with resistance around $5100 on the hourly chart. Currently, bitcoin is trading in a positive momentum above the 100 hourly SMA and might soon test the $5200 resistance level. However, it is very essential for BTC to maintain its position above $5100 and $5000 for a long time in order to be perfectly bullish.

BTCUSD Price Chart 15 April

BTC/USD Price Chart 15 April

The chart shows that bitcoin recovered nicely and moved into a bullish zone above $5100 and the 100 hourly SMA. The current resistance lies around $5200 above which bitcoin could test $5250 and $5300 levels. On the downside, the initial support is at $5120 and $5050 below which it might turn bearish again.

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#Bitcoin Price Analysis

Bitcoin Price Quick Surge: Is it a Conspiracy?

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Bitcoin is famous for its quick upward spike and downward crash since its inception. Bitcoin has experienced many sudden moves in the past; from spiking upwards more than 20 percent to declining more than 40 to 50 percent in a single day. And as always other cryptocurrencies follow the moves of bitcoin. However, the current price increase that occurred on the 2nd of April might seem a little different.

 

There is absolutely no news such as a large scale adoption, approval of Bitcoin ETF, the launch of Bakkt or anything like that which could lead to a large number of people entering into the market and drive the price upwards. Also, rumors suggest that a single trader was behind the sudden price rally as he bought more than 20,000 BTC through three different exchanges using trading bots after reading an April fool’s day article posted on some cryptocurrency news website which said that two bitcoin ETFs have been approved by the US SEC.

 

Bitcoin Bull Rally: A Conspiracy?

While some analysts have started to believe that the bear market has finally come to an end and the bulls are back to action and bitcoin will soon reach to $6000 mark, other major analysts are cautioning investors about the risk of trading in such a situation. Recently, Bloomberg posted an article which said that the sudden price surge is a blip and investors should just ignore it.

BTCUSD 3 month chart - Coinbase

BTC/USD 3-month chart – Coinbase

Bitcoin crashed to near $3100 in December last year after which it started to correct upwards. However, the major correction started in February this year which the price of BTC was around $3350 and corrected to around $3900. At the end of March, the price touched the $4100 mark reaching up to $4150. The total increase in the two months (February and March) was around $800 in total. However, on 2nd April, bitcoin spiked up from around $4100 to $5100 which is a massive $1000 increase in just 24 hours which is $200 more than the price increase in the two months (March and April) combined.

 

Different Possibilities:

If the rumors about the single trader reading a piece of fake news and buying 20,000 BTC is correct, it might just have an adverse effect on the overall market as the trader might just sell the same amount of BTC after knowing the truth about the April Fool’s day article. The sudden price increase created a feeling of confidence amongst most cryptocurrency enthusiasts as their thoughts suddenly turned bullish and everyone started to buy which even spiked the price up to $5350 yesterday (Bitmex).

 

The market is always run by two kinds of traders; one who is bearish and is willing to sell and one who is bullish and willing to buy. If everyone turns bullish, no one will be willing to sell their bitcoin and there will be no selling orders in the market. Large institutions take advantage of such a situation (like the current) where most of the people who were earlier selling their BTC at $4000 mark have now turned bullish and are willing to buy even at a high price such like $5300. At such a situation a large institution who has tons of BTC stored in their cold wallets find the best suitable time to sell all their holdings at once and the market crashes before anyone even understands what just happened and the small traders are left with nothing but losses.

 

The cryptocurrency market is highly volatile and is run mostly due to the emotions of the traders and enthusiasts who believe in the future of bitcoin. The increase of price when there is massive adoption, regulation or launch of a large product can be termed as genuine, however, a sudden increase in the price without any reason behind it might be termed as a conspiracy as the person, institution or group of institutions who were behind the sudden surge would surely have a profit earning theory at the back of their mind.

 

Investors and traders are advised to do their own research and analysis before investing or trading in any digital currencies as the market is highly volatile.

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#Bitcoin Price Analysis

Alert: Bitcoin Bull Rally a Trap? BTC going to fall down again?

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Technical Indicators:

Support Levels: $4000, $3900

Resistance Levels: $4800, $5000

 

Key Points:

  • Bitcoin price started a bull rally today rising above the major resistance levels.
  • Bitcoin broke through $4400, $4600 and $4900 resistance levels to move into a positive zone.
  • Bitcoin price recently fell below $5000 after testing $5100 resistance level and is currently correcting downwards.
  • It seems that the price might fall downwards again and settle somewhere around $4000 and $4400 in the short term before it starts a bullish momentum again.

 

Bitcoin Price Analysis:

Bitcoin started a bull rally and moved up to $5130 on the bitmex chart before starting to correct downwards. BTC is currently facing strong resistance around $4800 which might lead to a downfall. However, BTC is well supported around $4000 and it might fall somewhere around this range in the short term before starting to rise again.

BTCUSD Price Chart 2 April

BTCUSD Price Chart 2 April

Analysts are also terming the current move ‘a bull trap’ which might break soon and bitcoin might soon crash back to $4000 range. Bitcoin must settle above $5000 for the bulls to continue their action. On the downside, if Bitcoin price moves below $4700 support, it might test $4200 and $4000 support level below which it might turn bearish again.

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