Bitcoin just recorded a massive surge from $4,200 to nearly $4,800 within minutes – a 20 percent gain in a short time frame. Most altcoins followed suit.
This is the highest price for Bitcoin recorded in almost six months, and finally a breakthrough from the trading band of of $3,600 – $4,200 where it has been largely sitting since December 2018.
Is the crypto bear market over?
According to analyst Joseph Young, the rally was technical as it broke through an “$80 million sell wall”:
It seems as if today's massive bitcoin rally is simply technical and as soon as it broke $4,200, it just went surging up.
An $80 million sell wall (as reported by @Bleeding_Crypto) was absorbed at $4,200. Curious to see where this leads the crypto market.
— Joseph Young (@iamjosephyoung) April 2, 2019
However, it wouldn’t be the first time a technical rally turns into a real one. Let’s see what happens over the coming hours/days.