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Bitcoin is no stranger to powerful price movements, sometimes increasing or decreasing by 20% to 50% during the day. However, while the bear market was raging, the big green candles were clearly missing, which represented a substantial increase in the price of bitcoin.
But all this changed this week when Bitcoin rebounded, pushing the price of the main crypto by market capitalization across the resistance of 4,200 USD to over 5,000 USD, setting the first highest peak since its parabolic lead was broken in December 2017. The violent rally took the price of Bitcoin higher value in just one hour, compared to the uptrend of the previous two months.
Bitcoin's April rally mocks bullish trends in February and March
Before the upward trend that began in early February, Bitcoin had closed a record of six consecutive monthly candles. When the months of February and March closed in green, the bulls rejoiced. however, the most recent Bitcoin rally easily exceeded two months in terms of value increased in just one candle an hour, than the previous two months combined.
Related reading | The crypto community speculates on what triggered a massive Bitcoin price rally
The uptrend began on February 7, as the major market capitalization cryptocurrency approached 200-week moving average support, prompting a strong recovery expected by many traders. What they did not expect was that the bullish trend will continue over the next two months, pushing Bitcoin out of the current trading range and above $ 5,000 for the first time in 2019.
In February, the price went from a low of $ 3,350 to about $ 3,800. In March, the price rose slowly from the end of February until reaching the previous high of about $ 4,150 at the end of March. The entire move from early February to late March brought the price of Bitcoin up to $ 800 in total.
– lowstrife (@lowstrife) April 3, 2019
Yesterday's rally candle went from $ 4,150 to $ 5,100, which represents a gain of about $ 950 in the first days of April. The total increase in the window of one hour increased by $ 150 more than the previous two months combined, a total of 59 days.
Related reading | From banks to funds to brokers, everyone outside Crypto is talking today about Bitcoin
April has always had some of the biggest green candles on the cryptocurrency price list. Last April, the imposing "short squeeze" forced the price of bitcoin from $ 6,700 to over $ 8,000 in a single transfer. This rally was brought down to the lowest by the bears. However, this current rally comes as the 2018-2019 bear market slows and sellers begin to lose momentum.
If Bitcoin continues to climb from here, the crypto community will become more and more confident that the bottom is in, and the next uptrend is near.
Featured image of Shutterstock
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