Today Chepicap’s Will Heasman looks at the possible reasons behind the latest market pump. What has caused Bitcoin to rise 20%, and almost breach $5000? Was it pure sentiment? Clear technical analysis? … or an April fools joke gone too far?
In the last few hours, Bitcoin and the rest of the cryptocurrency market have erased what was one of the longest bear markets in crypto history from the minds of almost everyone.
In one of the most triumphant returns to form ever displayed, the entire market added 20 billion dollars to the coffers, and Bitcoin pumped 15%, jumping from $4200 to $4850 in just under 1 hour.
So, what caused this pump? Some believe it was pure sentiment driven by months of consistent gains from altcoins, and low volatility from Bitcoin, driving traders to do their thing; others believe the technicals sat right in the sweet spot for BTC, ushering a move beyond resistance, and a few believe an April fools joke may have had a hand to play…
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