Bitcoin Price Breaks Through $5000 Mark to Start Q2

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Bitcoin (BTC) was playing no April Fool’s jokes today, making its largest percentage move in the past year.

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In the first quarter of 2019, altcoins have been stealing the show — with many making huge gains in the double and triple-digit percentages.

Bitcoin (BTC), however, remained relatively quiet — putting in higher-lows and topping out at a horizontal resistance at $4,200. The month of March saw the first and foremost cryptocurrency make a slow and steady climb to, once again, challenge that ceiling and the heavy descending trend line, which has been suffocating the price since crashing from its all-time high of nearly $20,000 at the end of 2017.

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It appears as though that negative trend may finally have been broken today, as Bitcoin surged from $4,130 to over $5,100 in the span of just one hour.

The last time Bitcoin logged a move of $1,000 in a day was almost exactly one year ago in April 2018 — when it made a move from $7,000 to $8,000

Since making its initial pump, Bitcoin has cooled off and is settling around $4,750 — slightly above the 200-day moving average.

This jump in price could very well be a false breakout or a hunt to liquidate Bitcoin short positions. The previous horizontal resistance at $4,200 should now at the very least act as new support. The new levels of resistance to the upside will likely be the psychological $5,000 mark and $5,500 beyond that.

In the worst case scenario, Bitcoin could slip back below the $4,200 level to the next higher-low position around $3,600. Long-term trend analysis has suggested that the tides of the cryptocurrency mark are due for a turn-around and that the bottom has already been set.

Do you think this recent surge is just a fake breakout? Is this a sure-fire signal that the ‘crypto winter’ is finally over? Let us know your thoughts in the comments below! 

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

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