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Bitcoin Price Breaks Through $5000 Mark to Start Q2

2 mins
Updated by Valdrin Tahiri
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Bitcoin (BTC) was playing no April Fool’s jokes today, making its largest percentage move in the past year.
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. 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. bitcoin price 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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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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