As bitcoin halving draws closer, bitcoin buyer enthusiasm has received a substantial boost with the cryptocurrency’s wild price action back in business. At press time, bitcoin provided 400 gains in less than four hours.
BTC began the month of April in new energy after the gloomy days of March where the cryptocurrency almost reached $4,000. A strong 17% upswing within the past two days of April is a sign of intent and bitcoin buyers should brace themselves for even further upswing.
Crypto market is volatile again
After days of strengthening, the cryptocurrency market has experienced good days of market volatility again. In fact, the industry saw an influx of more than $15 billion, driving the total market cap to nearly $200 billion. In the meantime, bitcoin has seen its price escalate by almost 10% taking the price to $7,300.
This positive price action has authorized the world’s most popular cryptocurrency to begin the second quarter of 2020 in a bullish streak after a below-par performance during the first quarter, as per cryptocurrency derivatives data firm, Skew.
However, although bitcoin has recently seen a bullish form, it seems there is a significant supply barrier that is hindering the flagship cryptocurrency to advance even further. According to Into The Blocks, “In/Out of the Money Around Current Price” models indicated that more than 800k bitcoin addresses holding over 380,000 BTC, at an average of $7,270, provided substantial resistance. This barrier was strong enough to push BTC’s price back to under $7,000.
Technical indexes hike bitcoin buyer enthusiasm
Technical analysis, however, reveals that the rejection started at the 200-four-hour moving average as BTC tried to burst out of a mounting triangle that is emerging in its 4-hour chart. That technical formation is regarded as a continuation pattern that predicts a 34% target upsurge from break out point.
Nonetheless, it remains to be seen what the future holds for bitcoin as it tries to overcome its first global barriers. Nevertheless, popular cryptocurrency analyst Nunya Bizniz is positive that the journey to the forthcoming bitcoin halving will be bullish.
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