The Bitcoin price recorded a massive increase from $ 4,200 to nearly $ 4,800 in 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 clean the first time early on Tuesday morning, which led to most technical indicators turning and allowing the dominant crypto competition to increase substantially.
Is Bitcoin Bear Trend Over?
Earlier this week, economist and global market analyst Alex Krüger said that a bitcoin price move above the $ 4,200 level will mark the end of the bear's trend from January 201
"This is not a call. Not a question of age good or not. A break of over $ 4,200 technically ends the bear's trend that started in January 2018. Facts do not care about opinions. If strong sales continue later, It would be a different trend, "he said.
The momentum of bitcoin from breaking over the decisive resistance level of $ 4,200 immediately led to the BTC breaking out at $ 4,300, $ 4,400, $ 4,500, and to $ 4,800, which many analysts predict can go as high as $ 5,500 in the coming days.
It looks no resistance. Nothing but hot air above 4200. The longer the wait, the more difficult the break. 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 $ 80 million sales value is waiting over $ 4,200, and buyers had to absorb $ 80 million to push the bitcoin price above the high expected resistance level.
When the level was destroyed, it triggered short pressures on major trading platforms, and intensified bitcoin upward movement.
Can Bitcoin rise even further?
Several dealers have said that while bitcoin can get back to $ 4,200 to the $ 4,300 series in the short term, the $ 5,000 to $ 5,500 range is a reasonable target for BTC.
An analyst wrote that as long as bitcoin stays above the $ 4000 mark in the short term, it will be on its way to recovering to earlier levels.
"This is why we have been long at the BTC past few months and remain so 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, "said the analyst.
Click here for a real-time bitcoin price chart.