The Bitcoin price recorded a massive increase from $ 4,200 to nearly $ 4,800 within minutes, showing a 20 percent gain in a short time.
The $ 4,200 resistance level, which bitcoin has struggled to break out for more than four months, was broken for the first time at early Tuesday morning, which led most technical indicators to turn around and allow dominant cryptocurrency
Is bitcoin Bear Trend Over?
Earlier this week, economist and global marketing specialist Alex Krüger said that a bitcoin price movement above the $ 4,200 level will mark the end of the bear's trend as of January 201
"This is not a call. Not a question of aging well or not. A break over $ 4,200 ends technically the bear development that started in January 2018. Facts do not care about opinions. If a strong sale resumes later, it would mean another. trend, he says.
Bitcoin's momentum from breaking the decisive $ 4,200 resistance level immediately led to BTC breaking out of $ 4,300, $ 4,400, $ 4,500, and $ 4,800, which many analysts predict can go as high as $ 5,500 over the next few days.
That's what no resistance looks like, nothing but hot air over 4200. The longer the wait, the more difficult the break is. This is what technical analysis is for. $ BTC + 20% in 45 minutes
– Alex Krüger (@krugermacro) April 2, 2019
On Monday, a technical analyst in the crypto course market said that a sales wall of $ 80 million was expected e over $ 4,200, and buyers had to absorb $ 80 million to drive the bitcoin price above the high expected resistance level.
When the level broke, it triggered a brief squeeze on the major trading platforms and intensified
Can bitcoin rise even further?
Several traders have said that while bitcoin can recover slightly to $ 4,200 to the $ 4,300 short-term range, the $ 5,000 to $ 5,500 range is a reasonable target for BTC.
An analyst wrote that as long as bitcoin remains over the $ 4,000 short-term mark, it will be recovering to earlier levels.
"That's why we've been long at BTC for a few months and remain as bullish, regardless of price action. OBV found support close to $ 3,300 and continues to evolve. If this trend breaks, we will change our position," the analyst said.
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