Yesterday was undoubtedly the best day of 2019 for cryptoinvestors and traders, since the new optimism and hope for ending the long-term bear market received a big boost.
The two-hour surge resulted in Bitcoin breaking through four-month strong resistance levels and showing new highs since the November surrender. Bitcoin continues to test higher levels, again approaching $ 5,000, according to TradingView. So what is the reason for yesterday's breakthrough?
Oliver von Landsberg-Sadi, who is the CEO of the BCB Group, suggested that this breakthrough of BTC occurred as a result of a huge order (about $ 100 million), managed through three exchanges – Coinbase, Kraken and Bitstamp. He drew attention to the fact that the volumes on each of these cryptocurrency exchanges were synchronized (approximately 7,000 BTC per hour).
The search for the reason for the significant increase in BTC began when the crypto-twitter sphere exploded after months of relative calm. This one order seems to have created a cascading effect that caused automated trading orders to be executed on predominantly Asian exchanges, pushing the price up to $ 800 per hour.
The bullish momentum resumed after the initial pullback to the level of about $ 4,750. It is assumed that it can return to $ 6,000 again, since the historical resistance between the current levels and the next main level is insignificant.
It is interesting to look at the volume of Bitcoin, which reached the same level as the peak of January 2018. Current BTC volumes exceed $ 24 billion, and the total market volume has reached a record level of $ 88 billion.
There is no doubt that at the moment the situation is controlled by bulls, and there is a price movement similar to the one that took place at the end of 2017, when Bitcoin took off from $ 4,000 to $ 20,000 in just three months. This is unlikely this time, but $ 6,000 dollars does not seem to be too far away.
And what do you think about this?
