The crypto community are just pleasantly perplexed on what causes the rise in Bitcoin's prices just after the April Fool's day. The price briefly went up above $5,000 level before settling to around $4800 now this is a big jump considering that the price is struggling to break the resistance level of $4200 level just the day before. Many analysts even predicted that when $4200 is reached, will be the confirmation of the end of bear market, therefore we are now entering the long bullish season.
Now what gives reasons for this sudden mysterious rise in prices is that there are no big market structure movements or news that may have caused positive sentiments when this price increase happened. Even Changpeng Zhao, Binance's CEO in his tweet which I saw in my feed declares that he is "clueless" to what is happening. One big media powerhouse Bloomberg even reported that an April Fool's day joke that ETF for Bitcoin has been approved caused this sudden price surge, which of course in my opinion may only happen in movies, there is no way in real life that such could happen ($12 Billion increase in one day just because of a joke) in a maturing market.
One notable article I read today: https://www.newsbtc.com/2019/04/02/no-bitcoin-didnt-surge-because-of-a-stupid-aprils-fool-joke/
may provide logical reasons why this happened. In this article it says that since way back December, technical analysis indicates that it only filled the gap. Today’s bitcoin price action could very well be a part of an already-happening recovery.
As Alex Kruger have tweeted: "A strong move up to fill in the gap above is a matter of when not if. Such move up can happen entirely on technicals i.e. it does not need a fundamentals catalyst nor a change in market structure. '
One other reason that I can see are the positive developments and price increases that happened on altcoins. Since Bitcoin and altcoins prices are very much correlated this translates to positive impact to Bitcoin prices as well. To me, several factors may have convoluted to have this happening in one day. And my message to all crypto enthusiasts, congrats and enjoy!
See these articles for more details:
https://www.newsbtc.com/2019/04/02/bulls-are-back-in-town-experts-weigh-in-on-bitcoin-price-rise/
https://www.newsbtc.com/2019/04/02/crypto-community-bitcoin-price-rally/
https://www.newsbtc.com/2019/04/02/no-bitcoin-didnt-surge-because-of-a-stupid-aprils-fool-joke/
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