Bitcoin [BTC], the largest cryptocurrency in the world, lost over 80% of its value in 2018 after reaching its all-time high in December 2017. Since its drastic fall from the $20,000 mark, the coin consistently endured bearish market movements, reaching a low of $3,215 in December 2018.
This price movement alarmed a large number of crypto-enthusiasts as many were expecting a strong bull run in December 2018, negatively affecting investor sentiments.
However, it seems like Bitcoin is slowly recovering as the king coin, for the first time since its all-time high, registered six consecutive weeks of gains on 1 April. The pattern was first noticed by Redditor RedGolpe, who posted a chart explaining the price movement.
After reaching a low of $3,422 in January 2019, Bitcoin’s price slowly gained momentum. Over the first week of February, Bitcoin added $246 to its price and rallied to a high of $3,747, which was a seven percent rise. Over the next three weeks, the price of the king coin reached $3,988 and as the month came to an end, a clear bullish market was in flow.
Over the first two weeks of March, the coin added $183.90 to its value and surged to $4,068. During this rally, Bitcoin broke its strong support at $4,000, pushing the collective market into bullish territory. The last week of March saw the largest cryptocurrency holding its position in the market and closing at $4,167, which was very close to its resistance at $4,200.
This price movement has given investors a new-found belief in the crypto-market as many have dubbed it the start of the long-awaited rally. However, with Mt Gox announcing that it will begin its creditor refund program soon, some crypto-enthusiasts are worried about a BTC dump crashing the market.
Redditor AAAdamKK commented,
“It is beginning to feel like the bear market might be over. My only worry is that MtGox creditors will dump 200k BTC on the market in the near future.”
To this comment, another Redditor djulac said,
“I’ll buy them all. Y’all have nothing to worry.”
Another Redditor, cypher437, said,
“thats what the bears want you to think. Expect a bulltrap to come in next couple of weeks.”
At press time, Bitcoin was trading at $4,141, with a market cap of $72 billion. It registered a 24-hour trading volume of $10 billion and was up by 0.85% over the day. Bitcoin, despite losing part of its market dominance, was still holding strong with a market dominance of 50.1%.
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