Bitcoin [BTC] is rising, what are the current market sentiments?

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#Bitcoin #BTC #Crypto #pump #price
Source: Pixabay

It seems like the long-bear winter has finally come to an end. With Bitcoin [BTC] rising above its resistance levels and gaining billions in its market cap under hours.

Today [2nd April ‘19] Bitcoin started its day with $4160, and by 10 AM IST BTC gained a hike of $700 in an hour. The king of cryptocurrencies skipped its resistance levels of $4200 and $4600 as it shot up to $4849.

Source: CoinMarketCap

Bitcoin touched $5,000 mark on the Luxembourg-based Bitstamp cryptocurrency exchange. The virtual currency has added over $14 billion to its fairly estimated worth over the past 24 hours, as per the data analysed on CoinMarketCap.

This comes in time with the sudden rise in the stock market. With stocks recovering the bear trail, it seems like the crypto market has mimicked the traditional gamble market.

Source: Business Standard

To give a quick technical analysis update on the current BTC trend: The moving averages recommend a ‘Strong Buy’ signal while the oscillators denote ‘neutral’. Summary of which indicates a ‘Buy’ signal.

In addition to this, Mati Greenspan, Senior Market Analyst at trading platform eToro, told CNBC that “Bitcoin’s break above $4,200 this morning was critical, as the market had been watching that level for a while,” he added saying, “No doubt some entry orders and stop losses were grouped right above.” [Meaning that certain algorithmic trades had kicked in after it reached this highest level on 2019.].

Amidst all the April fools day pranks, the news of SEC expressing it had endorsed Bitcoin ETF was circulating on the internet. The decision has been pending for almost a year now, however, the story was phoney and had nothing to do with SEC considering it was a mere fool-day prank. Additionally, the news of Warren Buffett [Net worth of $82.7 billion] diversifying into BTC was also revolving yesterday. As a result, these April fool quips actually created a positive market sentiment amongst the crypto-enthusiats.

As we all know, the psychology of the market drives the demand and supply ratio of the crypto-space which is one of the possible reasons why Bitcoin pumped this morning.

As the prices turn green bullish so does the sentiment of the market, here’s what people on social media have to say about the current Bitcoin pump:-

u/NukeThe_Fish posted on r/Bitcoin on Reddit saying:

“I’ve sat here for the past 20mins and watched this pump before my eyes. Anyone else get hyped about it? Haha feels good. Edit: I’m thinking a green lambo, thoughts?”

To this, a granttesRedditor commented:

“definitely. it’s so random..that’s bitcoins nature. I got into crypto mid 2015 and noticed that it has times of stagnation and spikes. And everyone loses their freaking minds when it spikes, but when it stagnates everyone wishes it would spike and keep going lol I’ve literally watched it go from like $400 to then $900, then break $1000 and was like ohh shit..then from there it was mayhem. I have no doubt it will do it again and higher because it always does that. and of course, it will drop hard too :)”


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