2019-4-4 03:01 |
Bitcoin is no stranger to powerful price movements, at times growing or declining in value by 20% to 50% intraday. As the bear market raged on, however, there has been a distinct lack of large green candles representing substantial Bitcoin price increases.
But that all changed this week when Bitcoin rallied, pushing the price of the leading crypto by market cap through resistance at $4,200 to over $5,000, setting the first higher high since its parabolic advance was broken back in December 2017. The violent rally took Bitcoin price higher in value in just one hour, than the prior two months of uptrend combined.
Bitcoin’s April Rally Makes Fool of February and March UptrendPrior to the current uptrend that began in early February, Bitcoin had closed a record six consecutive monthly red candles in a row. When both February and March closed in green, bulls rejoiced. However, the most recent Bitcoin rally easily bested both months in terms of value risen in just a one-hour candle, than the prior two entire months combined.
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The uptrend began on February 7, when the leading cryptocurrency by market cap had neared support at the 200-week moving average, causing a strong bounce that many traders had been expecting. What they didn’t expect, is for the uptrend to continue over the next two months, taking Bitcoin out of the current trading range and above $5,000 for the first time in 2019.
During February, the price rose from a low of $3,350 to a February monthly candle close at around $3,800. In March, the price rose from the February close, slowly, until it touched the previous high at around $4,150 at the close of March. The entire move from early February through the end of March, brought the price of Bitcoin up by $800 in total.
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— lowstrife (@lowstrife) April 3, 2019
Yesterday’s rally candle, however, rose from $4,150, before topping out around $5,100, representing an approximately $950 gain in the opening days of April. The total rise in the one hour window grew $150 more than the previous two months combined, or a total of 59 days.
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April has historically had some of the largest green candles across the cryptocurrency’s price charts, with last April playing host to the massive “short squeeze” that took the price of Bitcoin from $6,700 to over $8,000 in a single move. That rally, was swatted down by bears back to lows, however, this current rally comes as the 2018-2019 bear market winds down, and sellers begin to lose momentum.
Should Bitcoin continue to climb from here, the crypto community will become increasingly confident that the bottom is in, and the next bull run is near.
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