• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
technical analysis bitcoin

Bitcoin (BTC) Profiteering? Active Wallets Shot Before Apr-2 Price Surge

Dalmas Ngetich by Dalmas Ngetich
4 years ago
in Uncategorized
Reading Time: 2 mins read
Advertisement
  • Bitcoin prices register double digit gains and steady above $5,000
  • An analytical firm notes a spike in wallet active just before the spike.

Heightened cryptocurrency wallet activity could have triggered recent price rally. Analytical firm says that only 10 percent of Bitcoin wallets were inactive in the last two weeks leading up to the price surge. In other news, Canada Bitcoin (BTC) forfeiture is the largest in history coming at the time when Bitcoin (BTC) is bottoming up, registering strong gains in the right direction.

Bitcoin Price Analysis

Fundamentals

In the last couple of days, there has been much debate over the real reason to the recent price surge. One of the earlier theories pins the surge to a successful April Fool’s day prank. However, that argument no longer holds.  Instead, most analysts suggest that the surge was purely technical.

Other explanations by Bloomberg notes that just before the surge, the number of active Bitcoin wallets shot. Drawing their observations from an analytical firm, Flipside Crypto, the number of active crypto wallets from average users rose from March 15 which many believe supported prices as confidence rose in tandem.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Only 10% of #bitcoin wallets have been inactive since March 15th. Movements from smaller investors were a leading indicator for the recent market bull run. More from us in @Bloomberg: https://t.co/NtgrXEViOL #crypto #market #intelligence

— Flipside Crypto (@flipsidecrypto) April 3, 2019

Meanwhile, in Canada, a Toronto judge has ruled that an online drug dealer must forfeit $1.4 Million Bitcoin holdings. This becomes the largest forfeiture ever in the country. Though the convict, Matthew Phan, tried to appeal the decision claiming he had not acquired his 281.41 BTC through drug dealing, his appeal wasn’t successful.

Candlestick Arrangement

Bitcoin BTC

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Even though momentum is waning, Bitcoin (BTC) bulls are firm and satisfactorily trending above $4,500. To that end, Bitcoin is up 22 percent in the last week at the time of press.

All the same, Bitcoin rise has been beneficial for the market. Therefore, in a bull breakout pattern, prices are poised to register gains in days ahead. However, traders should proceed with caution despite the recent uptick in activity. Notice that Bitcoin bull bars are banding along the upper BB but in doing so, Apr 3 bar did close above the upper BB.

This pattern either means BTC is overvalued, and could drop back to the middle BB or the coin’s buy momentum is too strong. Either way, there is an option of loading up on pullbacks in lower time frames. If buyers fail to maintain prices at these levels and BTC drop below Apr 3 lows, then risk-off traders should exit their longs and wait for better entries at around $4,500–$700 zone in line with yesterday’s BTC/USD trade plan. The correction will allow momentum build up and would sustain the break-out pattern via retests.

Technical Indicators

After two days of stellar performance, Bitcoin (BTC) momentum is waning as volumes drop. On Apr 2, BTC volumes stood at 54k when averages were at 6k. That was almost double those of Feb 18—37k and Feb 24—36k confirming the double-bar bull pattern of Mar4-5. Because this is a bull breakout pattern and a correction imminent, ideal buy zone is as mentioned with buy signal being a spike in smaller time frames.

Chart courtesy of Trading View

Tags: bitcoinbtc
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Dalmas Ngetich

Dalmas Ngetich

Interested in new Tech

Related Posts

Bitcoin

Bitcoin Liquidity Crisis Gets Worse, Here’s What It Means For Price

11 mins ago
Dogecoin

Dogecoin (DOGE) Makes Slight 6% Climb This Week – Here’s Why

2 hours ago
Cardano Rally

Cardano (ADA) Price Saw Technical Breakout: Big Reaction From Bulls Imminent

4 hours ago
Ethereum

Ethereum Price Rally To $2,000 On The Horizon, As Bears Show Weak Hands

4 hours ago
Bitcoin

Bitcoin Price Trims Losses But Remains In Range, What Could Trigger Fresh Rally

6 hours ago
Bitcoin Nears $29,000 As Fed Rate Hike Brings Clarity To Market

Bitcoin Nears $29,000 As Fed Rate Hike Brings Clarity To Market

11 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Litecoin (LTC) and Dogecoin (DOGE) Drowning in Controversy While TMS Network (TMSN) Steals the Show

March 24, 2023

The Best Altcoins To Get In Early 2023: TMS Network (TMSN), TRON (TRX) and Mask Network (MASK)

March 24, 2023

The Web3.Conference will gather Web3 builders & creators this May in Amsterdam

March 24, 2023

LFi Unveils LFi Smartphone, Providing Unprecedented Access to Decentralized Financial Opportunities

March 24, 2023

Cardano (ADA) and Polkadot (DOT) Prices Reach a Crucial Juncture, While TMS Network (TMSN) Attracts Investors in Stage 2 of Presale

March 24, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.