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The 23% rise that propelled the price of bitcoin to its highest level in four months did not start with an April Fool's joke.
It is therefore wise for badysts and finance professionals to look for clues behind any abnormal price action. It took Bitcoin just an hour to break a plethora of high levels of resistance and claim $ 5,023 at the height of its session. Many badysts on Twitter have shown their ignorance of the price movement. Some sought technical answers, while others simply refuted the positive Bitcoin movement at the April Fools rally. Viewing:
I woke up briefly to see Bitcoin touch $ 5,000, then realized that China had apparently fallen under the spell of an April fish joke on the SEC approving a BTC ETF. Back to bed now … pic.twitter.com/27wZ7o8RMo
– Jen Wieczner (@jenwieczner) April 2, 2019
Indeed, it is difficult to spot the sarcasm in the tweet of a cryptocurrency lover. But a reputable media center has spurred the rise of Bitcoin as an April Fools' Day gathering.
Bloomberg quoted an April 1 article in which it was joked that the Securities and Exchange Commission (SEC) had approved the approval of two Bitcoin Exchange Traded Funds (ETFs). If such news had been real, it would have resulted in a similar increase to that currently experienced by the bitcoin market. But the price of bitcoin exploded a day after the false cover made over. It was easier for Bloomberg to connect the visible points. Their title was: "April's Fish: Traders pursue another inexplicable gathering of Bitcoins."
But it was not an April Fool's Rally
Can a joke influence a widely distributed spot market to increase its underlying $ 12 billion badet? In a movie, maybe.
Rally of April fish says of Bitcoin | Source: CMC
Alex Krüger was quick to point out the reason for the Bitcoin rally. The cryptocurrency economist has shared one of his previous tweets to explain what could fuel the ongoing upward action.
Explanation of bitcoin escape ? The technical importance. https://t.co/gA9HsWh1d4
– Alex Krüger (@krugermacro) April 2, 2019
In his tweeting on February 20, Krüger shared three successive steps in which bitcoin could reverse its biggest bearish bias. The first step was capitulation, during which investors went to bearish badets and left the market in a loss. The second stage had a strong tendency to reverse. And the third step indicates a slow accumulation upwards. In these tweets, Krüger also mentioned a scenario in which bitcoin could explode in the north without a concrete explanation.
"A strong progression to fill the void is a question of whether. Such ramp-up can occur entirely on technical aspects, that is, it does not need a fundamental catalyst or a change in market structure. "
Source: Alex Krüger
Person pumped Bitcoin
Krüger's tweet did not exactly explain the bitcoin rally, but he was certainly considering a scenario in progress. The question of what motivated the sudden gathering of Bitcoin has no answer, in reality. The cryptocurrency market is full of instances in which it has increased to $ 1,400 a day. And these pumps did not arrive on or after a fish of the month of April.
The current action on bitcoin prices could very well be part of an ongoing recovery. Since mid-December, bitcoin seems to have established a support zone greater than $ 3,120. This year, many strong fundamentals have taken place in the cryptography markets, as reported by NewsBTC here. The rise of Bitcoin was inevitable. Suppose this happened and watch the course evolve in both directions.
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