Bitcoin Price Range in April 2019 – High: $5539.ten  /  Low: $4112.69

Apr was a very dynamic month for Bitcoin. While, absolutely, nigh months could be described equally dynamic for a notoriously volatile asset, April nonetheless came equally a welcome surprise to crypto enthusiasts.

Crypto Winter Ends

Later sinking into the doldrums of “Crypto Wintertime” for the concluding five months, April may be the starting time sign of Crypto Jump. On Apr 1st, the price of Bitcoin spiked dramatically from around $four,0000 to close to $4,700, a 17.5% jump, in a affair of hours. By April 3rd, it broke through the $5,000 mark for the first time since November 2018.

Every bit always, information technology is not exactly a clear-cut picture of what crusade the sudden rally. Some media tried to point to an Apr Fool’s article that said the SEC was approving a Bitcoin ETF. This is highly unlikely. What is more plausible is an constructing of other factors. Reuter’s reported a large social club worth $100M spread across multiple exchanges, which likely sparked the sudden momentum. Other factors point to a large number of shorts getting closed out on Bitfinex and other exchanges.

On a more macro scale, it probably has to do with the May 2020 “halving”, when the Bitcoin mining rewards compress 50%. There have been 2 halving’s in the past. Historically, about a year before each halving has indicated the start of the next bull marketplace. This reduction in the yearly inflation rate of Bitcoin increases its scarcity, which ultimately leads to an increase in value.

Bitcoin Passes $5,400

The kickoff few days of Apr were only the beginning. The bull stampede continued throughout the month. It surpassed $5,400 on April tenth, before cooling off dorsum downward to around $5,000. Some have speculated that the recent tendency of IEOs, or Initial Exchange Offerings, may accept led to an increased demand in BTC. IEOs are essentially just ICOs (Initial Coin Offerings) that are vetted and performed by an exchange. Binance held several recently that sold out in mere seconds. Additionally, around Apr tenth, rumors surrounding a ban on Bitcoin mining in China began to circulate, though this did not seem to faze the marketplace much.

New Yearly Loftier at $v,600

After holding the $5,000 marker for the adjacent week, the cost began to rebound. Slowly surging through April 23rd where information technology reached a new yearly loftier of over $5,600. On this 24-hour interval, Bitcoin performed what is known to technical traders as the “Aureate Crossover”. This refers to when, on a cost chart, the fifty-day moving boilerplate crosses over the 200-24-hour interval moving average. This is a key technical indicator that a long-term balderdash market place is getting started. The concluding Aureate Crossover for Bitcoin happed in Oct 2015. This was when Bitcoin was around $285, and it never again went below that price. Then, if history repeats itself, investors have a lot to be excited about.

New York Attorney General Sues Bitfinex

Withal, the Golden Crossover fever high was curt-lived. A few days after a bearish flop was dropped to sow more than doubt into the market. A breaking news story was dropped that the New York Chaser Full general was suing Bitfinex and Tether for engaging in fraudulent activity. The report said that Bitfinex, one of the largest exchanges in the world, had lost $850M. Without revealing any of this, Bitfinex then decided to accept the $850M from the reserves of Tether, the dollar-backed stablecoin that is also owns. In turn, this meant the Tether, ane of the about traded coins, was not backed 1:1 anymore. Thus, the market started getting worried that the dollar peg would non hold and started exit all crypto positions together, sending the price tumbling back downward beneath $5,200 within an hour after the story broke.

However, the Tether peg surprising held strongly, and the marketplace did not sour any further. The terminal week of April the Bitcoin price held firmly around the $5250 level. Shaking off news of that kind signals a huge confidence in the market place. So, equally Apr drew to a shut, many Bitcoiners are coming out of their Crypto Winter hibernation to declare the start of a new bull market.