Crypto Bulls Rejoice As Bitcoin (BTC) Monthly Candle Closes Above Resistance

Avatar Tony Spilotro 2 months ago

At the start of April, Bitcoin price broke through resistance at $4,200, triggering a massive rally across the crypto market and a cascading effect of trader’s stops being hit, creating an hour-long price spike of nearly $1,000 per BTC. Analysts believe the initial surge was caused by a single actor who had a strategy in mind, planning to cause as much price impact as possible.

Regardless of the reason behind the surge in Bitcoin price to over $5,000 where it is currently ranging, the powerful upward movement was enough to revive bullish sentiment throughout the cryptosphere. Now, as the April monthly candle closes bulls are rejoicing over the fact Bitcoin has closed over resistance for the first time in “ages,” and has even withstood the blow of the Bitfinex and Tether FUD that emerged just days before the monthly close.

April Aftermath: Crypto Analysts and Traders See Bull Run Beginnings in Bitcoin

Yesterday’s daily candle close in Bitcoin price charts, was also the close of the monthly candle for April 2019 – a month that has been among the most bullish witnessed for Bitcoin in months, possibly since the leading cryptocurrency’s previous all-time high back in December 2017. Bitcoin and second-ranked crypto by market cap Ethereum saw their trading volume surges to peak crypto hype bubble levels.

Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May 

In the end, April closed in the green as expected, at a price of roughly $5,272 on Coinbase. On Bitfinex, an exchange currently embroiled in a scandal involving borrowing from Tether reserves to hide an $850 million loss and where Bitcoin has significantly diverged in price, price per BTC closed setting highest daily candle body close since the start of 2019.

Despite the Tether turmoil, Bitcoin has remained resilient and bulls confident in further upward movement, a sentiment that is widely shared across crypto Twitter by most crypto traders and analysts.

Analysts aren’t yet ruling out a re-test of former resistance turned support, however, most expect that support to hold if Bitcoin price ever gets there, and would view the correction as healthy, potentially resetting indicators for another surge upward.

Bitcoin closed the month at a 28.5% price increase, adding over $1,200 per BTC to the price of the most important cryptocurrency in the space.

Related Reading | Crypto Traders Split 50/50 On Where Bitcoin Price Goes Next: $6K or $4200 

Where Bitcoin goes from here is anyone’s guess, but many are expecting the aforementioned retest of resistance turned support, or a rally to test former support turned resistance at $6,000. Should Bitcoin break above $6,000 and close a monthly candle, much of the crypto market would be confident that the beginnings of a new bull run had started.

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